SCAP Shariah (Regs)

    
  Shariah Capital, Inc
  07 January 2009
   

    PRESS RELEASE

    Dubai Leads in Islamic Finance with New Shariah Hedge Fund Index 

    *     First internationally-recognised index comprised exclusively of Shariah compliant hedge funds
    *     Calculated and reported by Thomson Reuters
    *     Disseminated to over 300,000 traders and investors

    Dubai, January 7, 2009: The Dubai Multi Commodities Centre Authority (DMCCA) and Shariah Capital, Inc. (SCAP.L) today announced the
Dubai Shariah Hedge Fund Index, the first internationally-recognised index comprised exclusively of Shariah compliant hedge funds. The Dubai
Shariah Hedge Fund Index will be calculated and reported by Thomson Reuters (NYSE:TRI), the global news and financial information
organisation.  

    The Index reflects the performance of the DSAM Kauthar Commodity Fund, Ltd. ("DKCF"). DKCF is an equally-weighted fund-of-funds
comprised initially of four single- strategy, commodity-focused funds that invest exclusively in Shariah compliant long/short equity hedge
funds on the Al Safi Trust platform. The Al Safi Trust is a comprehensive Shariah compliant platform designed specifically for hedge funds
and launched recently by Barclays Capital and Shariah Capital. Distributed under the DSAM Kauthar label, the four funds underlying the index
have been seeded with $50 million each by DMCCA. They are:

    25% DSAM Kauthar Gold Fund, Ltd 
    25% DSAM Kauthar Energy Fund, Ltd.                    
    25% DSAM Kauthar Natural Resources Fund, Ltd  
    25%  DSAM Kauthar Global Resources & Mining Fund, Ltd.
    100%  Dubai Shariah Hedge Fund Index = DSAM Kauthar Commodity Fund,  
      Ltd., (DKCF)  

    The Dubai Shariah Hedge Fund Index itself is not an investable vehicle. However, it mirrors the returns of the DSAM Kauthar Commodity
Fund (DKCF) which is open to institutional and individual investors on a monthly basis.

    The Dubai Shariah Hedge Fund Index is accessible on Thomson Reuters under the RIC code .DUBSHF for those subscribers using the 3000 Xtra
system, including a description page on DUBSHF1.  For those using the Bridge system, the RIC code is us&DUSHF. The index will be
disseminated to over 300,000 traders and investors throughout the world who subscribe to news and market information from Thomson Reuters.
For the first time, Islamic investors can use the index to compare the performance of their other professionally-managed absolute return
investments and to determine strategies that include diversification into commodities such as those covered by the index. 

    DSAM, or Dubai Shariah Asset Management, is a joint venture between Dubai Commodity Asset Management (DCAM), a wholly-owned subsidiary
of DMCCA, and Shariah Capital, a publicly-traded company that creates and customises Shariah compliant products and platforms. DSAM develops
and brands commodity-linked investment products under the DSAM Kauthar name and distributes them in the UAE through DCAM, a UAE-licensed
financial investment company.

     "The purpose of the Dubai Shariah Hedge Fund index is twofold," explained Ahmed Bin Sulayem, Executive Chairman of DMCCA. "First, it
provides a benchmark for investors in Shariah compliant hedge funds who are looking for absolute investment returns, particularly in
commodities, during periods of market volatility. Secondly, it reconfirms Dubai's leadership role in Islamic Finance by its support of
innovative solutions for those interested in Shariah compliant investment products, like the DSAM Kauthar funds. The Dubai Shariah Hedge
Fund Index represents another significant step for Islamic finance into the mainstream of global investing."

    Basil Moftah, senior company officer for Middle East and Africa, Thomson Reuters, commented: "Thomson Reuters is proud to be first in
providing access to the Dubai Shariah Hedge Fund Index to hundreds of thousands of traders and investors around the globe. The launch of
this unique index to our clients in one more example of the importance Thomson Reuters is placing on accommodating those who wish to invest
within the parameters of Shariah compliance."

    Eric Meyer, Chairman and CEO of Shariah Capital, expressed his enthusiasm for DMCCA's initiative and highlighted the opportunity for
investment managers within Shariah: "The Dubai Multi Commodities Centre Authority and DSAM have established the gold standard for Islamic
hedge funds with this index. Under Ahmed Bin Sulayem's leadership, DMCCA has selected and seeded prominent hedge fund managers with
established track records who have accepted our Shariah guidelines and who are committed to superior absolute returns. We expect that more
conventional hedge fund managers will now explore the opportunity of managing within Shariah and make their skills available to the growing
number of Islamic investors."

    Shaykh Yusuf Talal Delorenzo, Chief Shariah Officer and Board Member of Shariah Capital, reiterated the discipline of the index's
underlying funds within Shariah: "We have taken exhaustive steps to insure that each company within the funds' portfolios passes our Shariah
screens and that all trading is executed within the strict parameters established by the Al Safi Trust Shariah Supervisory Board."  

    "Moreover, in addition to the transparency afforded to Islamic investors by Al Safi through segregated, separately managed accounts,
independent custodial oversight and Shariah Board access to daily trading activity, this index provides a second level of comfort to
investors. Information about the index and its constituent hedge funds is publicly disclosed and distributed on a regular basis to reporting
agencies and specialized fund data bases around the globe." 


    -ends-


    About DMCCA
    The DMCCA is the authority of the DMCC free zone (DMCC) in the UAE. The DMCC, which was founded pursuant to Dubai Law No.4 of 2001, is a
strategic initiative of the Dubai Government to establish a commodity marketplace in Dubai. Rated 'A' by Standard & Poor's, it provides the
market infrastructure that brings together a wide range of commodities activities, and is committed to serve the needs of participants in
the gold, diamonds and commodities markets. Resident companies of the DMCC are offered highly attractive benefits under a free zone status,
including a 50-year guaranteed tax holiday, 100 per cent business ownership, full ownership of business premises, and a secure regulated
environment.

    About Shariah Capital
    Shariah Capital creates and customizes Shariah compliant financial products and platforms and provides selective Shariah consulting and
advisory services primarily to global financial institutions and investment firms with product initiatives directed to Islamic investors.
Headquartered in the United States, Shariah Capital is traded on the Alternative Investment Market (AIM) of the London Stock Exchange under
the symbol SCAP. It reports to the Financial Services Authority in the United Kingdom and is registered and licensed with the Dubai
International Financial Centre in Dubai where it maintains a branch office. DMCCA is a 4.99% shareholder of Shariah Capital
(www.shariahcap.com).

    For Hedge Funds specific enquiries please contact:
    Mohammad Jamjoum (Tel. 971-50-394-2518, mjamjoum@shariahcap.com) or Scott Rickards (Tel. 971-50-900-2058, scott.rickards@dmcc.ae) at
Dubai Commodity Asset Management DMCC, Al Mas Tower, Dubai. 

    For further information, please contact:
    Anusyia Nathan / Sudha Hemmad / Nicholas Nesson
    ASDA'A Burson-Marsteller
    Dubai, UAE
    Tel: 971-4-3355969
    Fax: 971-4-3356080
    Email: a.nathan@asdaa.com / s.hemmad@asdaa.com / n.nesson@asdaa.com



This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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