'Credence First Shariah Unit Fund' in the offing

FE Team | Published: October 04, 2017 22:17:07

The trust deed of 'Credence First Shariah Unit Fund' was signed between Credence Asset Management Ltd. (CAML) and Investment Corporation of Bangladesh (ICB) in the city Wednesday.
The fund is sponsored by Credence Asset Management Ltd, a growing asset management company run by industry experts. The fund will be managed in a Shariah compliant manner.
Among others, Mr. Kazi Sanaul Hoq, Managing Director of ICB; Mr. Md. Mosaddake-Ul-Alam, Deputy Managing Director of ICB and Mr. Md. Zakir Hossain, Managing Director of Credence Asset Management Limited were present on the occasion.
This is the second Open-Ended mutual fund and first Shariah compliant fund to be managed by CAML with initial fund size of BDT 100.00 million.
Despite the significant growth of Islamic Banking products in recent years, the growth of Islamic capital market products has not been that much encouraging in Bangladesh.
“CAML believes that there is high demand for well managed Islamic Open Ended Mutual Fund from the retail and institutional investors,” said a statement.
The entry of 'Credence First Shariah Unit Fund' is the testimony to commitment of Credence Asset Management Ltd. towards the development of Islamic capital market products in the country, the statement added.