National Asset Management Limited (NAMAL), the pioneer fund management company in Sri Lanka, jointly with the
Amana Capital Ltd (ACL) the pioneer provider of Islamic financial services in Sri Lanka, now offers you the “NAMAL Amana Equity Fund” A unique and convenient opportunity to make your investments.
The Shariah compliant fund will have a maturity period of five years and seeks growth of capital for the investor.
To achieve these objectives for your investment, the Fund will invest in Equity securities which are Shariah compliant and listed on the Colombo Stock Exchange.
The fund will look for long term value and will not make speculative investments.
The Fund’s investments will be based on fundamental research on qualified companies to create long term value appreciation to the fund and to its investors.
Dividends
The Fund will distribute an annual dividend based on its realised income from dividends, capital gains and other income from permitted products which are shariah compliant.
Tax-free Income
Dividends from the fund are currently exempt from taxes. Investors are
nevertheless advised to obtain professional advice on tax applicability
on their income from the fund.
Charges & Fees
Fees
charged on the NAMAL Amana Equity Fund are as follows.
Front
End Fee - 2.00% of the initial
subscription
Management Fee - 1.50% of the Net Asset Value of the fund
Trustee Fee - 0.25% of the Net Asset Value of the fund
Performance fee - The
Managers will be entitled to a performance fee of 20% of the additional
income earned above the benchmark.
The benchmark in this case will be the Dow Jones Amana Index.
Liquidity
The
fund does not permit capital withdrawals, during the fixed tenure of
investment. However, the Managers intend to initialise listing the fund
on the Colombo Stock Exchange to provide liquidity to the investor
during the tenure of the fund. The listing however will depend on the
approval of the relevant authorities.
Convenience
Investments in the NAMAL Amana Equity Fund will be in scripless form, affording convenience to the investor. A transaction receipt will be issued to acknowledge every investment. A periodic
statement of account will enable you to track your investments and reconcile returns from your investments in the Fund.
Regular
Information
Regular reports will keep you updated on the Fund's activities and performance. You can obtain up-to-date information by visiting the NAMAL website:
www.namalfmc.com
Investing in the Fund
The NAMAL Amana Equity Fund will officially accept investments commencing
6th November 2007 and close on the 6th December 2007 or earlier if the issue is fully subscribed. No units will be issued after the initial offer. Each investor will have a unique account opened in the NAMAL Amana Equity Fund.
Initial Public Offer
The Fund will offer 25 million units at Rs 10/- per unit during the Initial offer to the public. However the Managers reserve the right to extend the offer up to a maximum of 50 million units.
Investments will be accepted on a first come first served basis
Minimum
Investment
Initial investments in the Fund will be Rs 25,000/- for Local investors and US$ 1,000/- for foreign investors. (Foreign investors can use the facility of SIERA accounts to conveniently repatriate their funds)
Management of the fund
National Asset Management Ltd
The Fund will be managed
by National Asset Management Ltd (NAMAL), which has over fifteen years
of unsurpassed experience in managing funds in both Equity and Fixed
Income markets. NAMAL is the pioneer in the fund management industry in
Sri Lanka, and has a wide spectrum of funds and portfolios under its
management. NAMAL is licensed by the Securities & Exchange Commission of
Sri Lanka (SEC) to operate and manage unit trust funds and portfolios.
NAMAL currently manages the National Equity Fund, NAMAL Growth Fund,
NAMAL Income Fund, NAMAL Money Market Fund, NAMAL Flexi Income Fund
and also manages private portfolios for Provident funds for Corporates
on a discretionary basis.
Amana Capital Ltd
Amana Capital will provide the expertise and
guidelines with regard to the adherence of Sharia principles. Amăna
Capital Ltd. (ACL) is a fully owned subsidiary of Amăna Investments Ltd.
the pioneer provider of Islamic financial services in Sri Lanka.
The services offered by ACL include Corporate Finance, Corporate
Advisory and Restructuring, Real Estate Management, Share Trading and
Portfolio Management for Corporate Customers and High Net-Worth
Individuals. ACL also serves as the research and development arm of the
Amăna group. Some of the group’s products / services (non-Takaful)
offered have been developed by ACL. All the products/ services offered
ACL are Shariah-compliant.
Investment Committee
An Investment Committee, comprising of representatives appointed by both
NAMAL and Amana Capital will advice the Managers, on investments, Sharia
guidelines and their compliance.
Composition of the Shariah Council
Ash-Shaikh
Taqi Usmani
Ash-Shaikh
M.I.M Rizve
Ash-Shaikh
M.M.A. Mubarak
Ash-Shaikh
H. Abdul Nazar
Justice
M. Jameel
Manager & Registrar
National Asset
Management Ltd (NAMAL) will be the Manager and Registrar to the Fund.
Trustee & Custodian
HSBC will act as the
Trustee & Custodian to the NAMAL Amana Equity Fund. HSBC has wide
experience in providing Trustee and Custodial services, both
internationally and locally.
Investment Strategy
The investments of the
fund will be based on research to identify potential securities that can
offer capital appreciation during the tenure of the fund. Managers will
also evaluate the risks associated with such investments and adopt an
overall strategy to reduce the risk to the investor.
You can collect a detailed prospectus of the NAMAL Amana Equity Fund
and application forms from the following |
