Cordros Asset Management unveils Shariah-compliant fund
Barely one month after the launch of Cordros Fixed Income Fund, Cordros Asset Management has announced the unveiling of another offering, Cordros Halal Fixed Income, a Shariah-compliant mutual fund, designed to provide investors with a low-risk investment with stable and competitive returns.
Speaking at the launch of the new offering in Lagos, the Chairman, Cordros Asset Management Fund, Emeka Ndu, explained that the mutual fund, the fifth type the company would be managing, provides new opportunities for ethically-minded investors desirous of diversifying their investment portfolios.
According to him, the fund provides opportunities for them through investments in Shariah-compliant fixed income securities and investment products, while taking advantage of stable, low risk and competitive returns.
While calling for more varieties of investment vehicles in Nigeria, Ndu noted that the market needs such investment, not only for the high net-worth or retail investors but also for investors who seek more investment in ethical instruments.
“This need explains our delight in introducing the Cordros Halal Fixed Income Fund to our teeming clients and the investing public,” he added.
Making a presentation at the event, the Managing Director, Cordros Asset Management, Mr Gbolahan Aina, described the fund as a way of democratising investments in Nigeria.
He explained that each of the five million units, being offered for subscription at N100 per unit will be continuously offered to investors with the fund manager ready to redeem the units throughout the duration of the trust constituting the funds, due to its open-ended structure.
One of the benefits of the fund, Aina added, is its accessibility since investment in the fund provides individual investors with access to securities, which hitherto had been inaccessible due high minimum investment threshold.
As a way of ensuring that the funds are used for the purposes they are meant for, the company, he added, had enlisted the services of individuals and organisations that would provide the necessary guidance and support.
“For instance, besides getting the relevant regulatory approvals from the Securities and Exchange Commission (SEC), we also have a very robust Sharia Board comprising eminent individuals, Islamic scholars and a reputed company, the Marble Capital, that would ensure the funds are disbursed in accordance with the provision of the Trust deed,” he statted.
Congratulating the Cordros Asset management on the new offering, a representative of Marble Capital, Mrs Adenike Adeboye, expressed the company’s delight at being on the board.
“I believe what we are doing here today is very significant because it is part of the catch-ups that we are playing in an evolving market,” she stated.