SCAP Shariah (Regs)

    RNS Number : 0291X
  Shariah Capital, Inc
  19 June 2008
   

    RNS Number : 
    Shariah Capital, Inc 
    19 June 2008 

    Shariah Capital, Inc. 

    DMCC Seeds Al Safi Trust

    LONDON, 19 June 2008 - Barclays Capital, the investment banking division of Barclays Bank PLC, and the Dubai Multi Commodities Centre
Authority (DMCC), an agency of the Dubai government, today announced the first Shariah compliant hedge funds to be launched on the Al Safi
Trust alternative investment platform. 

    DMCC has committed to seed five commodity hedge fund managers on Al Safi with $50 million each, a total of $250 million, for a Shariah
compliant fund of funds product to be offered under the Dubai Shariah Asset Management (DSAM) brand. 

    The commodity strategies and hedge fund managers approved by DMCC are: 

    *     Tocqueville Asset Management    Gold
    *     Lucas Capital Management LLC    Energy/Oil & Gas
    *     Zweig-DiMenna Intl. Managers    Natural Resources
    *     Ospraie Management                      Agriculture
    *     BlackRock, Inc.                                 Global Resources and Mining

    Al Safi is a comprehensive Shariah compliant platform comprised initially of single strategy alternative investment managers with
Shariah Capital as the Shariah advisor and Barclays Capital as the prime broker and structured product distributor. 

    Designed as a "plug and play" solution, Al Safi offers an established process of due diligence and accepts only those hedge fund
strategies and managers that meet the exacting criteria of its Shariah Supervisory Board and the high standards of Barclays Capital. Al Safi
delivers Islamic investors the same high-quality managers and strategies available to conventional investors including comparable returns,
competitive fee levels, diversification across asset classes and access to customised structured products which can provide full capital
protection -- all within a pre-established Cayman trust framework.

    Al Safi has been created in response to market demand for Shariah compliant alternative investments and the considerable impediments
fund managers have faced meeting that demand. 

    In addition to the above commodity fund managers, other long/short equity hedge fund managers available on the Al Safi platform will be
announced shortly. The Al Safi platform expects to include a range of alternative investment strategies as well as specialised investment
funds. 

    Richard Ho, Head of Fund-linked Derivatives at Barclays Capital said, "The DMCC's provision of seed capital for five fund managers on Al
Safi is a strong affirmation of the robustness of the platform's Shariah framework and an exciting development in the alternative
investments available to Islamic investors."

    Ahmed Bin Sulayem, Executive Chairman, DMCC said: "DMCC is pleased to work with globally renowned organisations Barclays Capital and
Shariah Capital to offer the first Shariah compliant hedge funds on the Al Safi Trust alternative investment platform. We have worked
closely with our international partners to engage world-class fund managers with excellent track records in order to offer investors premium
Shariah-compliant investment solutions."

    Eric Meyer, Chairman and CEO of Shariah Capital, added: "With the capital support of a sovereign government and the prime broker and
structuring expertise of Barclays Capital, the Al Safi Trust platform is a historic development that unites modern investment strategies
with Shariah. The initial commodity hedge fund managers who will be available through Dubai Shariah Asset Management are truly world-class.
They represent the best and most successful commodity strategists in the world; and they have agreed to accommodate Shariah within the
strict guidelines established by our Shariah Supervisory Board."

    Russell Lucas, Co-Founder and Co-Portfolio Manager of Lucas Capital Management said:  "Al Safi is built from the ground up upon
compliant assets and is controlled within a credible Shariah framework. Barclays Capital Prime Brokerage is the first to provide the needed
Shariah equivalent solutions for hedge funds. We are very pleased to be one of the first to be working with the DMCC in providing hedge fund
access to Islamic investors."

    Dan J. Rice III, CPA, Managing Director and Portfolio Manager for BlackRock said, "The Middle East is a fast growing market, with
estimated investment assets of more than $3 trillion. BlackRock has already made strong progress in the region building extensive
relationships, and we are excited to further deepen our presence in this area. We look forward to partnering with the DMCC, creating an
attractive platform of investment opportunities for the Islamic investor."

    John Hathaway, Portfolio Manger and Senior Managing Director of Tocqueville Asset Management L.P. said, "This is an exciting opportunity
for Tocqueville and we look forward to a partnership with the DMCC with the greatest enthusiasm."

    Dr. David Rutledge, Chief Executive of DMCC commented, "The Al Safi platform is ideal for the Shariah compliant asset management
capability we are developing in commodities. It enables us to access exceptional managers with strong track records in order to achieve our
goal of delivering diversified exposure across a range of commodity sectors to both institutional and individual investors interested in
Shariah compliant investment products and solutions. We are privileged to seed these initial managers and support Barclays Capital with our
commitment to the platform's success."

    Enquiries: 
    Eric Meyer 
    Chairman and Chief Executive Office 
    Shariah Capital, Inc. 
    Telephone: +1 (203) 972-0331 
    emeyer@shariahcap.com 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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