Business Desk :
Subscription of ‘CAPITEC-IBBL Shariah Unit Fund’, an open-end Shariah compliant mutual fund, is set to begin from July 1, 2020.
The initial size of the CEPITEC-IBBL Shariah Unit Fund is Tk 250 million, according to an official disclosure on Wednesday.
Of the total fund size, Tk 37.50 million will be contributed by its sponsor – Islami Bank Bangladesh Ltd. Remaining Tk 212.50 million will be collected from individual and institutional investors through sales of units. The offer price of the fund’s units is Tk 10 each. And the total units are 25 million.
Minimum amount is Tk 5,000 per application (500 units) for individuals, and Tk 50,000 per application (5,000 units) for institutions, according to its prospectus.
The fund will be managed in a Shariah compliant manner.
The Capitec Asset Management Ltd is acting as manager of the Fund whereas Investment Corporation of Bangladesh is the trustee of the Fund and the fund is sponsored by Islami Bank Bangladesh.
Investment Corporation of Bangladesh and Islami Bank Bangladesh Ltd signed a trust deed of the Fund on November 19, last year. “The organisations have taken this initiative with the aim of accelerating the mutual fund industry and capital market of Bangladesh,” The Capitec Asset Management said in a statement.
Subscription of ‘CAPITEC-IBBL Shariah Unit Fund’, an open-end Shariah compliant mutual fund, is set to begin from July 1, 2020.
The initial size of the CEPITEC-IBBL Shariah Unit Fund is Tk 250 million, according to an official disclosure on Wednesday.
Of the total fund size, Tk 37.50 million will be contributed by its sponsor – Islami Bank Bangladesh Ltd. Remaining Tk 212.50 million will be collected from individual and institutional investors through sales of units. The offer price of the fund’s units is Tk 10 each. And the total units are 25 million.
Minimum amount is Tk 5,000 per application (500 units) for individuals, and Tk 50,000 per application (5,000 units) for institutions, according to its prospectus.
The fund will be managed in a Shariah compliant manner.
The Capitec Asset Management Ltd is acting as manager of the Fund whereas Investment Corporation of Bangladesh is the trustee of the Fund and the fund is sponsored by Islami Bank Bangladesh.
Investment Corporation of Bangladesh and Islami Bank Bangladesh Ltd signed a trust deed of the Fund on November 19, last year. “The organisations have taken this initiative with the aim of accelerating the mutual fund industry and capital market of Bangladesh,” The Capitec Asset Management said in a statement.
