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Shanta AML to bring new Shariah fund

Initial size of the fund Tk 300 million


FE Report | June 13, 2018 00:00:00


Shanta Asset Management Limited (SAML) will bring a new Shariah fund named "Shanta Amanah Shariah Fund" to its existing portfolio.

In this regard, a signing ceremony was held at the head office of Investment Corporation of Bangladesh (ICB) in the capital on Monday, according to a statement.

SAML is the sponsor and asset manager of the Shariah fund while ICB will act as the trustee and custodian of the fund.

Mohammad Emran Hasan, chief executive officer (CEO) of SAML and Kazi Sanaul Hoq, managing director of the ICB, signed the deal on behalf of their respective organisations.

According to the statement, the initial target of this fund will be Tk 300 million and the sponsor will provide Tk 30 million.

As an open-end mutual fund, the fund size can be increased over time.

Mr. Hassan said that although Shariah-based banking is popular in the country, Shariah compliant quality capital market products are rare in kind.

As a Muslim country, a large part of investors doesn't participate in the capital market due to lack of quality Shariah-based capital market products, he said.

"We desire to follow the proper and international Shariah-based investment policy for this fund," Mr Hassan said.

Md. Mosaddake-Ul-Alam, DMD, Dipika Bhattacharjee, GM, Trustee Division, Md. Kamal Hossain Gazi, GM, Accounts and Finance, Md. Taleb Hossain, DGM, Trustee Division; MD. Mahbub Alam, AGM, Trustee Division; Quazi Asaduzzaman, Head of Fund Operations, SAML and Sazzad Mahmud, Manager (Accounts & Admin), SAML were also present in the ceremony.

Under the law, the company will submit the trust deed to the Bangladesh Securities and Exchange Commission (BSEC) shortly.

After the approval of the regulatory body, the remaining activities will continue in phases, said the statement.

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COMPANY YCP HIGH LOW CLOSE %CHG
PARAMOUNT 17.0 18.7 16.7 18.7 10%
GLOBALINS 12.8 14.0 12.7 14.0 9.375%
MEGHNACEM 91.1 99.9 92.1 98.1 7.6839%
PROVATIINS 16.4 17.7 16.5 17.5 6.7073%
PURABIGEN 12.4 13.5 12.5 13.2 6.4516%
ASIAINS 16.7 17.7 17.0 17.6 5.3892%
KARNAPHULI 15.0 15.9 15.0 15.8 5.3333%
REPUBLIC 25.1 27.2 25.3 26.4 5.1793%
MIDASFIN 23.1 24.4 23.3 24.2 4.7619%
PRIMEINSUR 12.7 13.6 12.9 13.3 4.7244%
COMPANY YCP HIGH LOW CLOSE %CHG
GLOBALINS 14.0 14.0 12.7 12.7 10.2362%
PARAMOUNT 18.7 18.7 16.7 17.0 10%
GREENDELT 58.9 59.0 52.5 54.0 9.0741%
PURABIGEN 13.3 13.5 12.5 12.5 6.4%
PROVATIINS 17.4 17.7 16.5 16.5 5.4545%
MEGHNACEM 97.0 99.9 92.1 92.1 5.3203%
IFIC1STMF 4.2 4.2 4.0 4.0 5%
POPULAR1MF 4.2 4.2 4.0 4.0 5%
DAFODILCOM 34.9 35.1 33.3 33.3 4.8048%
FASFIN 13.5 13.6 12.8 12.9 4.6512%
COMPANY YCP HIGH LOW CLOSE %CHG
ALLTEX 14.0 14.4 12.6 12.6 -10%
AL-HAJTEX 98.2 105.3 88.4 88.4 -9.9796%
ISNLTD 31.5 28.4 28.4 28.4 -9.8413%
CAPMIBBLMF 11.5 11.6 10.4 10.4 -9.5652%
JUTESPINN 148.4 152.9 133.6 134.6 -9.2992%
KEYACOSMET 7.6 7.3 6.8 6.9 -9.2105%
KTL 29.7 30.2 26.8 27.0 -9.0909%
MLDYEING 39.6 40.3 35.8 36.2 -8.5859%
IBP 36.9 37.0 33.5 33.8 -8.4011%
GQBALLPEN 82.5 84.5 75.0 76.1 -7.7576%
COMPANY YCP HIGH LOW CLOSE %CHG
AL-HAJTEX 88.4 105.3 88.4 101.3 -12.7345%
ALLTEX 12.6 14.4 12.6 14.4 -12.5%
GQBALLPEN 75.0 84.5 75.0 84.4 -11.1374%
CAPMIBBLMF 10.4 11.6 10.4 11.6 -10.3448%
JUTESPINN 133.6 152.9 133.6 149.0 -10.3356%
KTL 27.0 30.2 26.8 29.9 -9.699%
MLDYEING 36.2 40.3 35.8 39.7 -8.8161%
IBP 33.9 37.0 33.5 37.0 -8.3784%
PRIMELIFE 53.8 59.7 53.8 58.0 -7.2414%
ARAMIT 431.1 463.0 429.0 463.0 -6.8898%