The Shariah Committee of Alliance Capital Asset Management Limited (ACAML) met for the first time on Sunday at the Board Room of ACAML with renowned Islamic banking scholar M. Azizul Huq in the chair. Huq, who is the former Executive President of Islami Bank Bangladesh and former Managing Director of Social Islami Bank, is the Chairman of Shariah Supervisory Committee of The City Bank, Dhaka Bank and Pubali Bank. He is also a member of Shariah Supervisory Committees of a number of banks and financial institutions.
The other members of the Committee are Dr. Shaikh A. Hamid, Professor of Economics and Finance at Harvard; Dr. Arif Billah, Associate Professor, University of Dhaka and Assistant Professor of National University Bangladesh Dr. Mohammad Monzur-E-Elahi, who is also a Shariah Council Member of Islami Bank Bangladesh and a television personality, says a press release.
ACAML has recently launched Alliance S&P Shariah Index Fund, which is a Shariah compliant Islamic index fund and the first of its kind in the country. The fund will use an index designed, calculated and maintained by the world leader in indices – S&P Dow Jones Indices.
Alliance S&P Shariah Index Fund is internationally screened by S&P Dow Jones’ world Shariah board and locally overseen by the Shariah Advisory Committee of ACAML.
Alliance S&P Shariah Index Fund is an open-end fund and will not be listed on the stock exchanges. The units of the fund will be sold and repurchased by the asset manager and through sales agents across the country. These sales centres will make it easy for the investors to buy, sell or transfer their units without any hassle.
The fund will be very transparent and the investors will know where their money is being invested as they will know the constituent stocks of the index. Alliance Capital believes that the fund will be able to attract people/investors of all faiths for good governance.