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Dalma Capital Opens Islamic Window In The Dubai International Financial Centre
(28 November 2018)
Best known for its expertise in Alternative Investments, Dalma Capital expands into Islamic Finance by opening an Islamic Window that facilitates the launch of Shariaa compliant products


Dalma Capital Management Limited today announced that it has received approval from the Dubai Financial Services Authority (DFSA) to operate an Islamic Window, enabling it to offer products and services that are compliant with Islamic Shariaa principles in and from the Dubai International Financial Centre (DIFC). The DIFC-based company has launches planned for a series of Shariaa compliant investment funds and Sukuk offerings.

The latest approval makes Dalma Capital one of only a handful of alternative investment managers in the DIFC with the capability to offer, advise on and manage Shariaa compliant investment products. Zachary Cefaratti, the firm's CEO and founder, said, "The market for Islamic products has grown in recent years and is expected to continue its growth due to demographic trends and increasing investor appetite for Shariaa compliant investments. Sukuks (Islamic bonds), in particular, have become an increasingly attractive source of funding for issuers. We are glad that we can now bring these products to our global clients and participate in this expanding market."

"Islamic financial products are focused on the global Muslim population that is expected to reach over 1.9 billion this year," commented Dr. Nasser Saidi, who serves as a non-executive director of Quencia Open-Ended PCC Limited, "The market for Shari'ah-compliant financial products is growing at double digit percentages every year and could be worth US$3.4 trillion by the end of 2018."

Dalma Capital is planning to launch a Shariaa compliant protected cell under the Quencia Open Ended PCC Limited fund structure operating under its platform. Majed Kabbara, MD - Asset Management at Dalma Capital, commented, "The Islamic Window allows us to proceed with our initial plan to launch a conventional and a Shariaa compliant Saudi equity fund. The conventional fund, Quencia Saudi Equity Open Ended PC, was succesfuly launched in April 2018 and given the large base of Shariaa compliant investors in the Kingdom, launching a Shariaa complaint Saudiequity fund is a natural extension."

Dalma Capital also plans to work with leading international asset managers, hedge funds and private equity houses to structure Shariaa compliant offerings of their existing products. "We have seen considerable interest on both the buy- and sell-side for an efficient solution to accessing/distributing Shariaa compliant products," says Saber Farooqi, COO and General Counsel at Dalma Capital. "As a regulated financial services platform with an Islamic Window, Dalma Capital is now well placed to provide such a solution."

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