ADIB to market the Islamic Leasing and Finance Opportunities Fund I (USD) exclusively to its clients

Wednesday 17 April 2019
Mohammed Azab and Faisal Al-Hamad
Abu Dhabi - MENA Herald:

Abu Dhabi Islamic Bank (ADIB) has signed an agreement with WCP Investments (WCPI), a joint venture between NBK Capital (NBKC), the investment arm of the National Bank of Kuwait and Wafra Capital Partners (WCP), a New York based investment manager. The agreement gives ADIB exclusivity to market WCPI’s Sharia’a-compliant Islamic Leasing and Finance Opportunities Fund I (USD) “the Fund” to ADIB customers. The agreement makes ADIB the first bank to distribute the Islamic Leasing and Finance Program “ILF Program” in the UAE.

Launched over 18 years ago, the ILF Program is a private credit strategy that aims to generate attractive risk adjusted monthly profit distributions to investors, principally by investing in a portfolio of non-bank speciality finance, leasing and rental transactions across a variety of sectors, credit profiles and assets.

Mohammed Azab, Head of Private Banking at ADIB, said: “A core focus for ADIB is to maximise risk adjusted returns to our clients and provide access to new exciting investment opportunities, both locally and internationally. This agreement, through WCPI, will allow ADIB’s customers to diversify their investment portfolio and invest in a Sharia’a-compliant manner with a team that possesses significant experience investing in private credit. This provides a compelling and exclusive offer for our clients in the UAE.”

Faisal Al-Hamad, CEO at NBK Capital, added: “The Islamic Leasing and Finance Program is one of NBK Capital’s flagship strategies, having raised in excess of USD7.5 billion since Program inception. We believe the ILF Program capitalizes on a unique investment structure and process that focuses on partnership approach, interest alignment and risk mitigation. We are excited to partner with ADIB through WCPI and to offer UAE investors the opportunity to invest in the ILF Program for the first time. ”

As one of the UAE’s leading banks, ADIB has a strong track record developing and delivering best-in-class solutions tailored to meet the financial needs of clients through effective financial planning and asset allocation. The bank frequently launches 100% capital protected equities basket notes, providing clients with access to high-growth companies around the world.

NBK Capital is one of the leading investment management firms in the region focusing on four primary lines of business: asset management, alternative investments, brokerage and investment banking. The firm operates regionally out of Kuwait, Dubai, Istanbul and Cairo. With over 175 investment professionals, NBKC’s approximate assets under management are USD7 billion.

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