The Islamic bank said that the open-ended fund will invest in publicly traded stocks of companies that meet strict Sharia law criteria.
Al Hilal Bank has appointed Abu Dhabi-based investment company Invest AD as investment advisor to the new fund and HSBC to provide custodial and administrative services.
Al Hilal Bank CEO Mohamed Jamil Berro said Al Hilal Bank is confident about the exceptional growth potential of the Gulf region, and the bank is keen to optimally capitalize this growth.
"Our growing brand and asset management capability partnered with Invest AD’s long-standing track record in the region should lead to a highly successful product," Berro said.
"This is an opportunity for our clients to invest with us and capture the value that can be found right here on our doorstep."
