Hazem Kamel, Managing Director at Naeem Holding (NAHO.CA), has attributed the delay of launching its new shariah-compliant fund to the number of changes which is currently adopted by the UAE market regulator – Securities and Commodities Authority (SCA). SCA shall first finish all the changes being adopted nowadays before reviewing all the documents submitted to launch Naeem's fund, Kamel added. “Naeem has completed all the necessary procedures and requirements to launch its shariah-compliant fund, with an initial capital of $50 million." Kamel noted Naeem's shariah-compliant fund is one of the company's key plans to make the best use of MENA's growing interest in adding financial instruments which comply with the Islamic law. It is worth noting that Naeem's most major funds planned to be marketed are; Naeem Misr Fund (Shariah-Complaint) with a capital of EGP 25 million and MENA MAC with a capital ranges between $10- $50 million, an offshore mutual fund in Bahrain and to be invested in MENA markets trading in stocks as well as bonds and commodities particularly in gold, silver and oil.
