Permal, part of French group Worms & Cie, announced last month that it had launched its first Islamic hedge fund.
The fund is part of the $528 million Alfanar family of Islamic funds it runs with investment management company Sedco, a vehicle of Saudi Arabia's bin Mahfouz family.
The fund, called Alfanar US Equity Hedge Fund, is a growth fund managed by FLA Advisers, a New York-based hedge fund company with about $3.2 billion of assets under management.
Conventional methods of shorting are not allowed in Islamic finance because it is contrary to the Shariah to sell something that you...
This is archived content. Your current settings does not currently allow access to the archive. To gain access visit the subscription page or call our hotline on +44 (0)207 779 8999.
If you are a trialist or subscriber, please enter your username and password at the top right-hand side of euromoney.com
Subscribers to Euromoney benefit from:
Level 1:
- Online access to the past 12 months content
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Level 2:
- Exclusive access to euromoney.com - Read the latest issue early online, search for specific developments by region or sector, interrogate the results of Euromoney's benchmark polls, and view the archive dating back to 2000
- 12 monthly issues of Euromoney magazine
- More than 30 specialist research guides free
- The results of Euromoney’s polls and surveys
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Click here to subscribe