Businesswomen in Dubai join 3iC

3iC Group, an international investment firm, is set to launch Dubai Growth Fund Enmaa', a Dh367 million ($100 million) Sharia-compliant open-ended public fund, a statement said yesterday.

The minimum investment amount per customer is $1,000. 3iC Group is licensed by the Financial Services Commission of the British Virgin Islands with operations in Malaysia and the US, is the sponsor and manager of Enmaa'.

Dubai Businesswomen Council, a division of Dubai Chamber of Commerce and Industry (DCCI) is teaming up with 3iC Group, to launch Enmaa' Class A shares.

The fund will primarily invest in high growth equities and pre-IPO opportunities in the Middle East and selected international markets following the Dow Jones Islamic Indexes criteria.

Emirates Islamic Bank has agreed to become the receiving bank while HSBC Bank Middle East Ltd is custodian and administrator of the fund.

The National Investor (TNI), a leading UAE asset manager based in Abu Dhabi, has been retained to become the portfolio manager.

Raja Eisa Al Gurg, president of Dubai Business Women's Council and co-sponsor of Enmaa', said yesterday, "Finally, there is a Sharia-compliant public fund that really caters to the average investor and we see it as a great tool to empower women investors".

Akram Yosri, managing partner 3iC Group and sponsor of Enmaa' added: "We are honoured to have the Dubai Business Women's Council as co-sponsor of Enmaa' and we hope that this will be the beginning of a serious programme to empower women investors not only in the UAE but throughout the region as well."

Subscriptions to shares of Enmaa' will open today at all Emirates Islamic Bank branches nationwide.

UAE women nationals and residents should contact the Dubai Business Women's Council to receive a letter, which should be presented to the bank to obtain the 2.5 per cent discount.(via Gulf News)