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The Dubai Shariah Hedge Fund Index will be calculated and reported by Thomson Reuters (NYSE:TRI), the global news and financial information organisation.
The Index reflects the performance of the DSAM Kauthar Commodity Fund, Ltd. ("DKCF"). DKCF is an equally-weighted fund-of-funds comprised initially of four single-strategy, commodity-focused funds that invest exclusively in Shariah compliant long/short equity hedge funds on the Al Safi Trust platform.
The Al Safi Trust is a comprehensive Shariah compliant platform designed specifically for hedge funds and launched recently by Barclays Capital and Shariah Capital. Distributed under the DSAM Kauthar label, the four funds underlying the index have been seeded with US$50 million each by DMCCA. They are: 25 per cent DSAM Kauthar Gold Fund, Ltd 25 per cent DSAM Kauthar Energy Fund, Ltd., 25 per cent DSAM Kauthar Natural Resources Fund, Ltd 25 per cent DSAM Kauthar Global Resources '&' Mining Fund, Ltd.
For the first time, Islamic investors can use the index to compare the performance of their other professionally-managed absolute return investments and to determine strategies that include diversification into commodities such as those covered by the index.
"The purpose of the Dubai Shariah Hedge Fund index is two-fold," explained Ahmed Bin Sulayem, Executive Chairman of DMCCA in the press release.
"First, it provides a benchmark for investors in Shariah compliant hedge funds who are looking for absolute investment returns, particularly in commodities, during periods of market volatility. Secondly, it reconfirms Dubai's leadership role in Islamic Finance by its support of innovative solutions for those interested in Shariah compliant investment products, like the DSAM Kauthar funds. The Dubai Shariah Hedge Fund Index represents another significant step for Islamic finance into the mainstream of global investing."
(WAM)
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