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Fund Objective:
The investment objective of the Fund is to provide Investors with reliable and attractive monthly returns by investing in Ijara transaction in accordance of the Islamic Shariah Principles through Wafra Equipment Ijara Fund (ňňSeries: 1107). The Fund expects to repay Principal at the end of the Fund Term, and to provide "varying" yield.
Fund Strategy:
The Fund seeks to invest all of its assets in the purchase of equipment or portfolios of equipment which will in turn, be leased to diversified lessees. The Fund will select high quality lessees, with a particular focus on "Fortune 1000" companies and companies that are found to be of high credit quality. The equipment portfolios of the Fund will have a diverse range of leases and equipment types, thus, reducing overall Fund risk. The entire portfolio will be invested in accordance to Islamic Shariah principles and overseen by a board of Shariah scholars. Fund Facts |
| Legal Structure: |
Unincorporated investment fund that invests in the Wafra Equipment Ijara Fund (Series: 1107) ("WEIF11"). |
| Fund Term: |
5 years with 2 one year extensions. |
| Offering Period: |
November 11, 2007 to November 29, 2007. |
| Subscription Price: |
US$ 10.00 per Unit. |
| Minimum investment: |
US$ 175,000 with multiples of US$ 10,000 thereafter. |
| Closing Date: |
November 29, 2007, or such other date as NBK shall deem necessary in its sole discretion. |
| Investment Period Distributions: |
The Fund expects to distribute murabaha returns on the un-invested capital in Ijara contracts on a monthly basis during the Investment Period. |
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| Post Investment Period Distributions: |
• 57 to 81 monthly lease distributions starting from the Closing Date.
• Capital repayment at maturity or 40% at year 5, 30% at year 6 and the remainder at the end of year 7 if the Fund Term is extended.
• The rate will be revised up or down annually by 30% of the change in the yield of the US Treasury Note.
• The rate will not be below 7% throughout the life of the Fund. |
| Sales Charge: |
A one-time fee of up to 2.00% upon subscription. |
| Management Fee: |
1.25% p.a. on the Fund's capital payable quarterly. |
| Investment Advisor: |
Wafra Investment Advisory Group, Inc., New York. |
| Fund Manager: |
Wafra Capital Partners L.P., Cayman Islands. |
| Shariah Advisor: |
A Shariah Board headed by Dr. Mohamed A. Elgari, Sheikh Yusuf Talal Delorenzo and Sheikh Nizam Yaquby. |
| Distributor: |
National Bank of Kuwait S.A.K. |
| Auditor: |
McGladrey and Pullen LLP, New York. |
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Money Market Funds