Business
PRESSR: Gulf Capital Investment Company “InvestGB” launches Lulwa USD money market fund
PRESSR: Gulf Capital Investment Company “InvestGB” launches Lulwa USD money market fund
About this update from Gulf Bank K.s.c.
Gulf Capital Investment Company, "InvestGB”, the investment arm of Gulf Bank, has announced the launch of the Lulwa USD Money Market Fund, a Shariah-compliant investment fund with a variable capital ranging from a minimum of USD 7 million to a maximum of USD 1 billion. This marks the company’s second money market fund, following the remarkable success of the Lulwa KD Money Market Fund, which was launched earlier this year.The Lulwa USD Money Market Fund aims to provide a low-risk, highly liquid investment solution in US dollars, offering weekly liquidity to meet investor needs. The minimum subscription amount is only USD 3,000. The fund is open to both individual and institutional investors inside and outside Kuwait, including non-Kuwaiti investors, whether residents or non-residents, as well as Kuwaiti, GCC, and foreign companies and institutions operating within or outside the State of Kuwait.On this occasion, Mr. Talal AlKhamis, Director of Regional Equities and Fixed Income at InvestGB, stated: “The Lulwa USD Money Market Fund represents an ideal option for clients seeking Shariah compliant investments, while offering weekly liquidity. The fund aligns with the company’s vision of diversifying its investment products to serve a wide range of clients.”AlKhamis added that the fund’s investment strategy will focus on short-term, low-risk financial instruments, including deposits with Shariah compliant banks, Sukuk issued by governments, banks, and investment grade companies (rated BBB or higher), as well as deposits with licensed money market funds approved by the Capital Markets Authority or by a foreign regulatory authority, provided they share the same Shariah compliant investment objectives.Mr. Sattam AlMarzouq, Head of Private Banking and Wealth Management at Gulf Bank, said: "We are pleased that Gulf Bank has been appointed as the selling agent for the Lulwa USD Money Market Fund. We continuously strive to provide financial solutions that offer our clients competitive returns along with flexibility in managing their funds, including Shariah compliant investment solutions, in line with our goal to focus on individual wealth management."The launch of the Lulwa USD Money Market Fund follows the strong performance of the Lulwa KD Money Market Fund, which recorded a Net Asset Value (NAV) of KD 1.00925, an annualized return of 3.07% since its inception in...