Bank of London and The Middle East (BLME) yesterday launched Shariah Dollar Income Fund with a seed capital of $50 million (Dh183.5m), said a statement. The fund, the first and largest Shariah compliant money market fund in Europe, will be managed by Jason Kabel and will be available to institutional and professional investors in the UK, Europe and Middle East. Nigel Denison, Head of Asset Management at BLME, said: "The fund has been launched in response to the demand we have seen in the marketplace for a Shariah-compliant product which can provide investors with a consistent income stream, while maintaining a strong focus on liquidity, capital preservation and robust risk management. "In the current economic climate, we are aware that both in Europe and across the Middle East investors have suffered large scale losses, which have led to a diminished appetite for risk and an increased desire for portfolio diversification." Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here .