Bahrain-based Shamil Bank has launched Shamil Navigator Modaraba, a three-year Shariah-compliant capital-protected product providing exposure to two profiles of a portfolio comprising global Islamic equities and commodities.
Head of investment banking Ahmad Tayara said the product differs from other capital-protected investments in the local market in its ability to ‘navigate’ between the two profiles at maturity, providing exposure to the better of a commodities or equity overweight.
The product contains two investment classes: Class A, which pays 70% of the best-performing profile at maturity, and Class B, which pays distributions of close to 2% per annum and 35% of the best-performing profile at maturity.
Shamil Bank will co-invest from its own funds an additional 10% of the total capital raised in the Class A pool at the close of subscription. The product is open now and closes 28 June.
