CSE to list trust funds

“NAMAL Amãna Equity Fund” launched by National Asset Management Ltd (NAMAL) together with Amãna Capital, a subsidiary of Amãna Investments Ltd, is slated to become the first ever unit trust to be listed on the Colombo Stock Exchange (CSE).

“The draft regulations to list such funds are done and sent to the Securities and Exchange Commission for their comments. We want to put the mechanisms in place fast,” Surekha Sellahewa, Director General, CSE told The Sunday Times FT.

NAMAL sources said the fund may get listed early next year – possibly January or February. The first of its kind, the fund brings together the expertise and experience of the two companies, to introduce in new dimension in investment.

“It is a Close ended Equity Fund with a maturity period five years and it is designed to fulfill the needs of investors, who wish to make investments which comply with Shari’ah guidelines. The main objective of the fund is to provide capital growth during the tenure of the fund, by investing in Shari’ah compliant equity securities listed on the CSE,” Ian Ferdinands, Manager Fixed Income Securities at NAMAL said.

He added that it will generate income and distribute dividends to the investors.” This Fund is a pioneering effort in Sri Lanka to create a structure for the people to invest in Shari’ah compliant shares and the fund will also enable savers to create an upside potential for their money through fund management,” he said. The Initial Public Offer of the NAMAL Amãna Equity Fund will be open from November 6 to December 6.