The Bangladesh Securities and Exchange Commission (BSEC) has approved the draft prospectus of the Sandhani AML SLFL Shariah Fund, expanding the range of Shariah-compliant investment products in the capital market.
The approval was granted at the commission’s 992nd meeting held on Tuesday.
The fund is an open-end mutual fund with an initial target size of Tk25 crore. Of the total amount, sponsor Sandhani Life Finance will contribute Tk2.5 crore, while the remaining Tk22.5 crore will be offered to general investors through public subscription.
The face value of each unit has been fixed at Tk10.
Sandhani Asset Management will act as the asset manager of the fund. Bangladesh General Insurance Company will serve as the trustee, while Commercial Bank of Ceylon will perform the role of custodian.
The Sandhani AML SLFL Shariah Fund is expected to provide Shariah-compliant investors with a new long-term investment option and contribute to greater diversification in the mutual fund sector, Sandhani AML CEO Mir Ariful Islam told Times of Bangladesh.
“With our proven track record in return generation for investors, the fund will be prudently invested in Shariah-compliant securities,” he added.
