Oman declared the First Islamic Investment Fund
Oman's Capital Market Authority has declared the launch of the Sultanate's inaugural Islamic investment fund, named the Gheras Fund, initiated by the Imam Jabir bin Zaid Waqf Foundation.The fund is open for participation to all private and public Waqf institutions, as well as Waqf agents. Waqf units within the fund will be owned by respective Waqf institutions, enabling contributors to engage by allocating or purchasing units, designating them for specific Waqf institutions based on their intentions.
The Gheras Fund aims to benefit not only orphans and the sick but also contribute to the establishment of mosques and various endowments. Its asset classes will encompass Sharia-compliant fixed income instruments and Sharia-compliant stocks. Notably, it will be the first fund of its kind to be listed on the Muscat Stock Exchange. The initial public offering subscription is set to take place from December 17 to December 21, welcoming private and public Waqf institutions and agents. The fund's estimated value is around 50 million Rials.
This initiative addresses the pressing need to diversify Waqf asset investments, departing from the traditional approach of focusing solely on real estate and similar avenues within the endowment sector. Ubhar Capital will manage the fund's investments, while Sohar Islamic Bank will handle fund collections.