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- Dubai 04:31 05:49 12:21 15:48 18:47 20:05
(Left to right) Stefan Egger, Chief Operating Officer and Consultant to the Board of Directors, Takaful Emarat Insurance, UNIQA Group Austria; Dr. Khalid Saqer Khalfan Al Marri, Chairman of the Board, Takaful Emarat Insurance; Ghassan Marrouche, Chief Executive Officer (SUPPLIED)
Dubai-based Shariah-compliant life and health insurance company Takaful Emarat on Monday launched open-ended private equity fund with seed capital of 20 million Saudi riyal.
The fund – which offers 90 per cent capital guarantee – offers return between three to five per cent per annum, said Chief Executive Officer Ghassan Marrouche.
“Takaful Emarat Capital Protected Fund” is open to both the UAE nationals and expatriates with no minimum requirements. The fund, not open to corporates, will be managed by Riyadh Capital, a unit of Riyadh Bank, and guaranteed by Morgan Stanley.
The fund’s strong focus is on the Gulf and Mena markets but will also look at investment opportunities in other parts of the world. “There is no specific for this region,” the CEO said.
Replying to query on investing in volatile times, he said the stock markets are looking upward, as the Dubai Financial Market has made strides in recent weeks. “We know people are still afraid investing in the equity market but we’re offering 90 per cent capital guarantee and not investing in high risk equities.”
Takaful Emarat, which has 26 funds under its fold portfolio, refused to disclose the amount it intends to raise through the global equity-focused fund. “Our funds are very well diversified. Our Shariah-compliant funds have invested in Malaysia and other Asian countries.”
Established in May 2008, Takaful Emarat is likely to break even this year, Marrouche said after the press conference.
“We have built the company on strong fundamentals and hope to grow quicker and better from here. We expect to break even by the middle of this year,” the CEO added.
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