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Noor Bank Raises AED646 Million For Rasmala Long Income Fund |
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Noor Bank , one of the leading Shari'a-compliant banks in the UAE, has raised AED646 million for the Rasmala Long Income Fund ("the Fund"), the first Islamic finance instrument to invest in long-lease and ground-rent real estate markets in the UK and Continental Europe. The Fund provides wide exposure to a portfolio of long-lease properties, aiming to generate regular income whilst preserving capital over time. In line with Noor Bank's strategy to offer diversified investment opportunities to its customers, the Fund has developed an alternative income-focused investment strategy. Speaking on the fund, Mufazzal Kajiji, Head of Retail Banking at Noor Bank, said: "We are proud to introduce the Rasmala Long Income Fund in response to the demand for investment opportunities in the UK real estate market from a broad range of clients, especially those seeking long-term, sustainable investments. Serving our high-net-worth clients is a key focus area for us, and we regularly identify new opportunities to provide quality and efficient solutions for this segment. " For his part, Renoy Kundukulam, Head of Wealth Management at Noor Bank, said: "As a preferred banking partner in the UAE, Noor Bank is pleased to offer its clients an attractive proposition that follows an uncorrelated and market-neutral investment strategy, involving investment in premium international markets, such as the UK and Europe. The strategy aims to deliver positive returns under all market conditions, thus becoming a stabilizing foundation to our customers' investment portfolios. " He added: "We are proud to partner with Rasmala in launching this innovative investment product for our investor base." Zak Hydari, Chief Executive Officer at Rasmala, said: "We are delighted to partner with Noor Bank in the launch of the Rasmala Long Income Fund that caters to the increasing demand for alternative income-generating investments with predictable stable returns. This is in keeping with our mission of providing our investors with more investment opportunities. " Over the years, the real estate markets in developed countries have served as an attractive investment hub for investors in the region. |
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