Business Times

NAMAL Amana Equity Fund declares dividend

The NAMAL Amana Equity Fund, a Shariah compliant-scheme, declared a dividend of Rs.1.25 per unit on 30 December 2009, enabling investors in the fund to receive the dividend which includes a non-Shariah compliant income of 4 cents per unit as certified by the Shariah Supervisory Council of Amana Capital Limited.

A press release from the company stated that unit holders are advised by the Shariah supervisory council to set aside 4 cents per unit to charity. In 2009, the release stated that the Net Asset Value (NAV) of the Fund improved by 60.84 % against the overall Market performance of 125.25% in the same period. The NAV of the Fund on 30th December 2009 was Rs. 12.61 per unit.

The company stated that the Fund is a close ended scheme with duration of five years and strictly follows the Shariah guidelines provided by the technical advisor, Amana Capital and applicable regulations governing the Fund.

The Fund aims to provide dividend income and capital gains to its investors by investing in selected shares within the universe of Shariah compliant shares and securities. The company stated that the Colombo stock market performed exceptionally well in 2009 although the fund had its own limitations due to its requirements to comply with the Shariah investment guidelines. The Managers of the Fund expects further improvement in the stock market in the remaining period of the Fund.

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