Abu Dhabi-listed investment firm Waha Capital has launched an income-focused Islamic fund to attract over $500 million (Dh1.83 billion) to invest in Shariah-compliant assets across sukuk and equity markets which will have a global outreach for investments.
The open-ended “Waha Islamic Income Fund SP” adds to Waha Capital’s existing three funds and is targeted at large regional institutions.
Its Waha Central and Eastern Europe, the Middle East and Africa Credit Fund has achieved a cumulative return of over 180 per cent since its inception in 2012 and the end of 2019. The Waha Mena Equity Fund, launched in 2014, has achieved a cumulative return of 175 per cent since inception while Waha’s Mena Value Fund SP fund produced a return of 25.34 per cent in 2019 and overall by 56.1 per cent since its launch in 2015.
Amr Al Menhali, CEO of Waha Capital, said the new fund will invest in entities that have relatively low gearing.
“While our existing funds have some Shariah-compliant elements in them, there has been a steadily growing demand from our existing clients over the past couple of years for us to develop such a fully-fledged Islamic fund. We are confident that the new fund will be well received because it avoids investment in prohibited or controversial activities or assets and business sectors that may be considered as particularly risky or potentially volatile,” said Al Menhali.
On August 22, Waha Capital invested Dh184 million ($50 million) in New York-listed company online travel firm Despegar.com. It plans to invest $150 million in US-listed companies.
Waha Capital posted net profit of Dh267.2 million in Q2 2020 as compared to net loss of Dh124.4 million in Q2 2019 as total impairments fell from Dh109.3 million to Dh10 million. Its share price increased 0.51 per cent to Dh0.990 on Sunday on Abu Dhabi Securities Exchange. – [email protected]
