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2020 Aug 30

Waha Capital Launches Income Generating Islamic Fund

  • New open-ended Sharia-compliant fund to attract $500 million +
  • Adds to existing three funds, for investors specifically seeking income distribution
  • Offering to include managed accounts tailored to specific needs of large regional institutions

Abu Dhabi, 30 August 2020: Waha Capital PJSC, a leading investment company in Abu Dhabi (ADX: WAHA), has announced the launch of a new income-focused Islamic fund, adding to its three existing funds within its asset management business. The new fund, to be called “Waha Islamic Income Fund SP”, will invest in Sharia compliant assets across the Sukuk and equity markets, and will have a global outreach for investments .. The fund is to be open-ended, and is expected to have a capacity in excess of $500 million.

Amr AlMenhali, Chief Executive Officer of Waha Capital, said: “While our existing funds have some Sharia 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.  It will also only invest in entities that have relatively low gearing.”

The Waha Central and Eastern Europe, the Middle East and Africa (CEEMEA) Credit Fund, which invests in emerging markets, achieved a cumulative return of over 180% since its inception in 2012 and the end of 2019. It has consistently outperformed its peer group funds, producing uninterrupted annual profits for its investors. Even with the impact of COVID-19 this year, the fund continues to deliver strong positive returns against a backdrop of widening credit spreads globally. 

The Waha MENA Equity fund was launched in 2014, and has achieved a cumulative return of 175% since inception against the S+P Pan Arab Index benchmark, whose performance over the same period has been flat.  The fund’s absolute performance, risk-based income ratio and draw down profile have all been in the top percentile of its peer group since inception. 

Waha’s MENA Value Fund SP fund produced a return of 25.34% in 2019 and overall by 56.1% since its launch in 2015. It aims for long-term capital appreciation with an estimated holding period of three years. Stocks are identified within MENA that fit into the Value Investment Philosophy of the fund.

Amr AlMenhali added: ‘”Waha Capital intends to use its proven expertise to bridge a gap in what our clients are seeking from us, so as to offer them an actively managed, income producing Sharia compliant solution with a global dimension. We are positioning this new fund as a focal point around which we can build a whole Sharia compliant offering.”

Waha Capital ‘s investors represent a diversified mix of institutions (pension funds, endowments, SWFs, and family offices) from North America, Europe and the GCC. Waha Capital also invests in its own funds.

Waha Capital’s CEEMEA Credit Fund was named as winner of Best Fixed Income/Credit/Distressed Hedge Fund for 2020 by the European Hedge Fund Review.


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