FBNQuest Asset Management, a subsidiary of FBN Holdings has launched the FBN Halal Fund to provide investors with investment options that improve financial inclusion and align with ethical beliefs.
The merchant bank explained in a statement that FBN Halal Fund is an open-ended mutual fund regulated by the Securities and Exchange Commission (SEC), and it is designed to meet the needs of investors seeking long-term income generation, as it offers an opportunity for exposure to a broad range of fixed income Shariáh-compliant investments.
The FBN Halal Fund is an open-ended Fund, which offers a key benefit of providing flexibility and liquidity for investors with ease of entry and exit.
Returns from the fund will be distributed to unit-holders semi-annually. In order to provide investors with confidence regarding strict adherence to Shariáh principles, the FBN Halal Fund will adopt a best practice approach with its governance structure through a Shariáh Advisory Council of Experts, an Investment Committee, a Custodian, and a Trustee.
Commenting on the product launch, Ike Onyia, the Managing Director of FBNQuest Asset Management stated that “The FBN Halal Fund will be actively managed under Islamic finance principles, a respected Shariáh advisory council of experts and our seasoned portfolio managers who are guided by valuable experience”.
“The Fund was introduced based on the need to create value-driven connections with our clients. Being a member of one of the strongest and most dependable financial groups in Africa, our goal is to constantly provide a wide range of solutions to support the evolving needs of our partners, and the opportunities for diversification through this Fund further affirms our client-centric approach to service delivery.” he added.