Jordinvest launches sharia-compliant fund

According to IMF estimates, by the end of 2005 there were more than 300 Islamic financial institutions in the world. Like other countries in the Arab region, Jordan seems to be struck by Islamic finance fever. In February 2008, Jordinvest (Jordan Investment Trust) announced the launch of its first sharia-compliant fund at the 3rd Jordan Economic Forum at the Dead Sea Convention Center. Jordinvest, with paid-up capital of $41.5 million, provides debt and capital raising, corporate restructuring, financial advisory, and asset management services. “The company is currently managing assets amounting to about $113 million. One of the main financial products is a growth fund dubbed the ‘First Trust Fund for Financial Securities’ or FTF, which is a hybrid equity and bond fund where debt and cash components account for up to 50% of its net asset value,” said Ammar Jarrar, Senior Vice President Capital Markets & Asset Management. He underlined