UAE bank sets up shipping fund

Dubai:  Dubai Islamic Bank has launched a new Sharia-compliant investment fund that will invest in shipping assets through Musharka joint ventures. The Al Islami Shipping Fund targets a total portfolio of $32m, and an estimated annual profit rate of 8.5%. Minimum investment will be $25,000 and profits will be distributed quarterly. The new fund will be managed by Tufton Oceanic.  [07/07/06]