Dubai Shariah Hedge Fund
Dubai Shariah Asset Management Hedge Fund Launches
Fund operator Dubai Shariah Asset Management, or DSAM, sees this as proof that a hedge fund based on Islamic law, or shariah, can provide similar or better returns than conventional hedge funds.
Portfolio managers at BlackRock Inc., Tocqueville Asset Management, Lucas Capital Management LLC and Zweig-DiMenna International Managers Inc. were given an initial mandate to invest in commodity-company stocks that were screened to meet certain requirements. The $260 million currently managed by the four is dubbed the DSAM Kauthar Commodity Fund, named after a river in heaven described by the Quran.
The hedge-fund experiment was a departure for the region's investors, who traditionally put money into real estate, private equity or long-only mutual funds. Hedge funds were shunned due to their secretive trading strategies, which often couldn't be checked for shariah compliance. But Islamic banks around the Arabian Peninsula, which have recently started or bolstered their asset management divisions after real estate prices collapsed, are starting to show interest.
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