Alkhabeer Capital Sets Target of USD 266 Million for Islamic Fund Launch

Saudi-based specialist in asset management, Alkhabeer Capital, has announced the initial public offering (IPO) of its latest Islamic fund launch, namely the Alkhabeer Diversified Income Traded Fund (Islamic Fund), according to local media reports.

The Islamic Fund, which is a closed-ended traded fund regulated by the Saudi Capital Market Authority (CMA), has a fundraising target of USD 266 million (SAR 1 billion), and will be listed on Tadawul, the Saudi stock exchange. The minimum subscription amount is set at SAR 1,000 (100 units), at the price of SAR 10 per unit. The subscription period commenced on the 6th of December 2020 and will last 15 days until the 24th of December 2020, according to a statement issued by the...