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Prestige Funds Launches Dedicated Islamic Impact Fund

U.K direct lender Prestige Funds has launched the ‘Premium Alziraea Fund’, a Shariah-compliant real assets and project financing fund targeted at the renewables and agriculture sector in the U.K.

The new Cayman Islands-domiciled fund will invest in a diversified portfolio of secured asset and project-based finance projects many of which may be, or are backed by, the UK Government and will be investing across a broad portfolio of projects and small businesses with a focus on U.K agricultural, horticultural and rural small businesses which have historically operated with lower defaults than other sectors.

“Premium Alziraea is our first Islamic - Impact financing product and is targeting an exceptionally important part of the U.K economy at a critical time in its ongoing development,” commented Craig Reeves, founder of the Prestige group. “Our portfolios often finance landowners who are taking food, farm and animal waste and turning it into bio-gas and electricity, projects in turn supported by the U.K government.”

The Fund’s Shariah advisor is Sheikh Dr Mohamed Ali Elgari, former Professor of Islamic Economics and a former Director of the Center for Research in Islamic Economics at King Abdulaziz University, Jeddah, Saudi Arabia. He is a member of numerous Shariah Boards of Islamic banks and Takaful companies worldwide.

Prestige has retained Dubai based, Kroma Capital Partners as its Middle East Distribution Partner; the Premium Alziraea Fund will target capital appreciation of 5-7% per annum (net) with target annualised volatility of 1% and will operates without using leverage or performance fees.

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