The Bahrain Monetary Agency (BMA) has authorised an Islamic equity fund, sponsored by Kuwait-based I...
The Bahrain Monetary Agency (BMA) has authorised an Islamic equity fund, sponsored by Kuwait-based Islamic investment firm, First Investment Company.
The First Kuwait fund is aimed for investment in a portfolio of Shariah-compliant companies listed on the Kuwait Stock Exchange (KSE), as well as unlisted Kuwaiti firms.
The Bahrain-domiciled US dollar-denominated open-ended fund is the third to be incorporated in Bahrain by First Investment, a group of firms with activities spanning financial services, education and real estate.
The kingdom's fund industry has seen phenomenal growth in recent years, with total assets under management by BMA authorised mutual funds increasing by 72% to $10.6bn in the past year. Growth in the past four years has exceeded 300%.
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