Chimera launches two Shariah-compliant ETFs

Abu Dhabi: «The Gulf»
Chimera Capital has announced the launch of the Chimera Standard & Poor’s US Shariah Value Equity Fund, and the US Chimera Standard & Poor’s Shariah Growth Equity Fund, each of which is a transparent ETF and its units are fully fungible.
Sayed Basr Shuaib, Chairman of the Board of Directors of Shemera Capital, explained that the launch of the two new funds comes as a continuation of the successes achieved by the company’s other ETFs, which currently number 8 funds with total assets under management that exceeded 420 million dirhams in just two years. He added that the launch of the two US Shariah-compliant funds aims to provide investors with a direct mechanism to invest in the largest and most active capital markets in the world, which reflects the keenness of Chimera Capital to play an active role in enhancing the services provided by the UAE capital markets to investors.
For his part, Saeed Hamad Al Dhaheri, Managing Director and CEO of the Abu Dhabi Securities Exchange, said that the listing of Shimera Capital for the two US Sharia-compliant ETFs has made the Abu Dhabi Securities Exchange a regional center with the largest number of ETFs in the region, as it will provide new opportunities for Investors in the Abu Dhabi Securities Exchange to diversify their investment portfolio with high efficiency and low cost. He added that the Abu Dhabi Securities Exchange is adopting a strategy to increase liquidity in the market and attract more international investments, stressing that it will continue to encourage listings and offer new products and services that meet the requirements of investors in the market.
The Standard & Poor’s Shimira Standard & Poor’s Sharia-traded Fund will be listed on the Abu Dhabi Securities Exchange, Class B with a dividend yield, and the fund will distribute the profits it receives whenever available.
The Shimira Standard & Poor’s US Shariah Traded Growth Shares Fund will be listed on the Abu Dhabi Securities Exchange, Class A, with accumulated returns, and the fund will reinvest the profits it receives without any additional fees to the fund’s unit holders.
For his part, Sherif Salem, Head of Investment Sector – Financial Markets at Shemera Capital, expressed the administration’s pride in supporting investors in the Abu Dhabi Securities Exchange so that they can invest directly and smoothly in the American capital markets for the first time, as the new funds launched by the company provide the opportunity to invest in a group of The largest and most successful companies in the United States. The two new funds will also be managed with different strategies to meet the needs of different investors, as the Growth Equity Fund includes the most growing companies such as technology sector companies, while the Value Equity Fund includes more mature companies that distribute a regular return.
Both funds will be managed by Chimera Capital from its headquarters in the UAE, which has a license from the Securities and Commodities Authority to engage in investment management activity. On the other hand, Bank of New York Mellon acts as a global custodian. The list of authorized delegates of the Fund includes International Securities, EFG Hermes, Arqaam Securities Brokerage Company, Daman Securities Company, and BH Mubasher Financial Services.