<> dir = "rtl" style = "text-align: justify;"> Chimera Capital, a subsidiary of the Abu Dhabi-based Chimera Investment Company, announced the launch of the Chimera SP UAE Shariah ETF.
According to Arabiya Net, the sub-fund was launched to simulate an indicator compatible with Islamic law in cooperation with the S&P Dow Jones Indexes Foundation, under the umbrella of the Shimera Fund. It is the first fund of its kind licensed by the Emirates Securities and Commodities Authority.
The fund was created to simulate the benchmark (SP UAE Domestic Shariah Liquid 35/20 Capped Index), an indicator that was developed by SP Dow Jones Indices to measure The performance of a group of highly liquid and Shariah-compliant stocks for UAE-based companies, as the new fund provides investors with promising opportunities to benefit from the growth of a new class of securities that is popular in the UAE financial markets.
The fund, which is the first exchange-traded fund that simulates a Sharia-compliant index in the UAE financial markets, currently consists of two categories of shares The first cumulative A class will be listed on the Abu Dhabi Stock Exchange and will reinvest the gains made in the fund again without charging any additional costs to investors, while the second category B will be listed on the Dubai Financial Market and provide full dividends to investors.
Chimera SP UAE Shariah ETF Fund will be under the management of Shimera Capital from its headquarters in the Emirates, which holds a license from the Securities and Commodities Authority to engage in the investment management activity Establishing and managing investment funds .
On the other hand, HSBC Bank Middle East Limited plays the role of local custodian and Bank of New York Mellon London branch as global custodian. The authorized delegates of the fund include EFG Hermes Emirates Limited, Shuaa Securities and BH Mubasher Financial Services.
For his part, Khalifa Al Mansoori, CEO of Abu Dhabi Securities Market, expressed his deepest congratulations to Shimera Capital on developing this product as the first of its kind in the UAE, which provides Specialized solution through a Sharia-compliant index with a major listing on the Abu Dhabi Securities Exchange.
Al-Mansouri considered that the launch of the fund is a new opportunity for Shimera to add a diverse group to their investment portfolio in addition to the possibility of managing risks more effectively. We are delighted that influential investment companies like Shimera have listed their products in the Abu Dhabi ...
