Sharia compliant fund launched
India’s first fully Sharia-compliant and Sebi registered fund launched its third investment fund, Realty AIF 1 (Alternative Investment Fund). The fund is meant for the real estate sector with IL&FS Trust Company acting as trustee for the fund.
Promoted by Secura Investment Management (India), the fund’s investments and opera- tions are in compliance with the Islamic finance rule. Targeted to raise `200 crore with the Greenshoe Option of `100 crore more, the minimum in- vestment under the scheme, which will have its first closing on December 31, 2016, is `1 crore, Mehaboob MA, managing director, Secura Investment Management said.
“With the investment potential in real estate sector growing at a steady pace, we are looking at an annualised RoI of 15-20%, with a profit share post hurdle of 80:20 with catch-up” , he added.