- Nov. 16, 2020
-- Shukr Investments—
an ADGM based investment manager who has received an In Principle Approval from the Financial Services Regulatory Authority—today announced that it has signed with Shariyah Review Bureau to setup its Sharia Supervisory Board and supervise its global public equity fund activities.
Founded in 2013, Shukr Investments has a presence in Abu Dhabi and the United States. Shukr Investments' mission is to achieve annualized returns of at least 10% for its clients while donating 50% of performance fees earned to charitable causes.
"We believe that wealth is not diminished by charity and that if one shows gratitude to God for a blessing, God will increase that blessing," said Omar Bassal, Director of Shukr Investments. "That's why at Shukr Investments, we believe our success lies in being grateful and giving back to society. While we are the only firm we know of that donates half of our performance fees to charity, we hope this principle becomes an industry standard."
Based on data compiled from Bloomberg, the Shukr Global Equity Fund's performance over the last 3-months, year-to-date, 1-year, 3-years and 5-years all rank in the top 1% of all offshore public equity funds as of September 30, 2020 (Bloomberg symbol: SHUKGEP KY).
Commenting on the signing of the agreement, Omar said "We are excited to be working with Shariyah Review Bureau (SRB) to supervise our ethical framework, ensuring our process, investments and charity distributions align with Sharia principles."
For over fifteen years, Shariyah Review Bureau has been delivering its Sharia supervisory services to hundreds of financial institutions in the region. "Shukr Investments integration of Sharia-based investing with ESG principles appealed to us," said Yasser S. Dahlawi, CEO of Shariyah Review Bureau. "We also appreciate Shukr's support of the local community through charitable giving."
"We are delighted to welcome Shukr Investments to our clientele base" added Yasser. "Their commitment to using our Sharia Board and Sharia audit solutions clearly demonstrates how institutionalized Sharia advisory services are moving into mainstream investments."
Shukr Investments is incorporated in the Abu Dhabi Global Market ("ADGM") and has received from the Financial Services Regulatory Authority ("FSRA") an In Principle Approval (IPA) to become a regulated Islamic Financial Institution, which will operate under a Category 3C license, once all IPA conditions have been met.