Trading of units of CAPM IBBL Islamic Mutual Fund, a closed-ended mutual fund will commence on Monday under “A” category, officials said.
Public subscription of the CAPM IBBL Islamic Mutual Fund, opened from December 10 to December 18 last year, raised to Tk 300 million through initial public offering (IPO).
The securities regulator -- Bangladesh Securities & Exchange Commission (BSEC) approved the draft prospectus of CAPM IBBL Islamic Mutual Fund on September 26, 2017.
The size of CAPM IBBL Islamic Mutual Fund is Tk 800 million.
Of the fund’s total size, Tk 500 million is financed by Islami Bank Bangladesh, the sponsor of the mutual fund and the largest commercial bank in Bangladesh.
Remaining Tk 300 million is collected through initial public offering, according to the prospectus.
CAPM IBBL Islamic Mutual Fund is the first Islamic closed-ended Mutual Fund Of CAPM Company Limited.
On the close of operation on March 01, 2018, the Fund has reported net asset value (NAV) of Tk 10.06 per unit on the basis of current market price and Tk 10.01 per unit on the basis of cost price against face value of Tk 10.
The total net assets of the fund stood at Tk 672,314,515.59 on the basis of current market price and Tk 669,025,182.93 on the basis of cost price after considering all assets and liabilities of the Fund.
The Shariah based closed-end mutual fund with definite life & limited size which might be increased through complying securities & exchange commission (mutual fund) rules 2001.
The objective of the fund is to generate attractive risk adjusted returns and disburse competitive dividend to the unit holders in the long-run by investing in a diverse arena of Sharia’a compliant eligible equity and debt securities of Bangladesh capital and money market.
Capital & Asset Portfolio Management Company is the fund manager, while Investment Corporation of Bangladesh (ICB) is the trustee and custodian of the CAPM IBBL Islamic Mutual Fund.
