Wafra International Investment Company announced the launch of Wafra Gulf Islamic Fund, which includes subscriptions to all GCC countries.
On this occasion, Executive Vice President – Asset Management Sector at Wafrah International Investment Company Mana’ Al-Sanea said that the fund seeks to invest in Shariah-compliant securities for companies listed on Boursa Kuwait and the GCC capital markets in order to achieve competitive returns within an acceptable level of risk. Noting that the fund’s currency is the US dollar.
Al-Sanea stated that the fund is being offered for public subscription with a variable capital starting from a minimum of USD18 million and up to USD 360 million, explaining that the minimum subscription is  USD 5,000, while the maximum subscription is 90% of the fund’s capital.
He added that “Wafra Gulf Islamic Fund” is an open-ended investment fund that can be increased or decreased based on the participation and redemption of shareholders in order to invest in securities, indicating that the fund’s performance indicator is: S&P GCC Shariah Large Mid Cap index.
Al-Sanea revealed that the fund’s management team includes the Executive Vice President – Asset Management Sector Mana’ Al-Sanea, Vice President of Investments Qutaiba Al-Kharafi, Vice President – Equity Investments Department Saud Al-Juwaid and an elite group of national competencies.
Regarding the performance of funds managed by the company, Al-Sanea stated that there is Wafra Fund, which is a traditional fund that aims to invest capital in the shares of all companies listed on Boursa Kuwait. Since its inception in 2012, the fund had a positive performance of 218% and grew by about 26%  since the beginning of the year until the end of October 2021.
He added that Al-Fajr Fund, which is a Sharia-compliant fund that invests in shares of Sharia-compliant companies, is up by about 41% since its inception in 2005 until the end of October 2021, while it achieved a positive performance  of around 28% since the beginning of the year until the end of October 2021.
The Investment Banks Fund, a fund that invests in the banking sector in the Arab Gulf region was established in 2006 and its management moved  to Wafra in 2013. Since then, it appreciated by around 77% until end of October 2021. Its YTD performance until end of October 2021 was an impressive growth rate of 40%.
He concluded by commenting on Wafra Bond Fund, which is a specialized fund aimed at investing in treasury bills, government bonds, bonds Local companies, certificates of deposit, Islamic sukuk, debt instrument funds and money market funds, and investing the surplus in deposits and demand accounts. Its performance since its inception in 2003 until the end of October 2021 reached about 113% Approximately, while its performance from the beginning of the year until the end of October 2021 reached about 2%.