Mirae launches Shariah-compliant equity fund
Mirae Asset Global Investments has launched a Sharia-compliant version of its flagship fund Asia Sector Leader Equity, a sub-fund of Mirae Asset Global Discovery Fund Sicav, which is a Luxembourg-domiciled Ucits. The fund will be managed by Rahul Chadha, the co-chief investment officer of Mirae in Hong Kong.
The fund seeks to achieve long-term capital growth by investing in Shariah-compliant companies in the Asia excluding Japan region that are leaders or future leaders of their respective sectors or industry groups.
Benchmarked against the MSCI Asia ex Japan Islamic Index, the fund has appointed Amanie Advisors and IdealRatings as Shariah supervisory board and Shariah stock screening provider, respectively, to provide ongoing Shariah-compliance monitoring services.
“We are excited to launch our first Shariah-compliant product based on our successful Asia Sector Leader Equity Fund and capitalize on our expertise in the Asian market. The growth momentum in Asia is appealing and vigorous, we are delighted to be able to apply Shariah-compliant procedure on top of our bottom-up and benchmark agnostic investment philosophy to the fund,” Jung Ho Rhee, president and CEO of Mirae in Hong Kong said.
“Middle Eastern investors are increasingly looking to diversify their assets, both in terms of asset class and region. Our consumer focused approach in stock selection is proving popular amongst investors who understand our bottom-up approach,” said Jad Shams, head of MENA of Mirae in the UK.