Ilirika to form Islamic fund in Bosnia and Herzegovina

Sarajevo-based investment funds management company Ilirika DZU is going to form the first investment fund in Bosnia and Herzegovina, which will operate by Islamic principles.

In association with partner company Tathmeer from Qatar and members of the Shariah Board, Ilirika DZU will form an open investment fund with public offer - Ilirika Emerging Europe Islamic Fund.

- The Fund is based on the principles of Sharia, and the aim is mid-term or long-term growth of its value through the investment criteria based on Islamic principles - says Nedim Šaćiragić, CEO of Ilirika DZU.

He points out that the Fund's structure and its acts are brought in accord with the laws in Bosnia and Herzegovina and adds that "the Fund will not invest in companies that make, directly or indirectly, more than 5% of their total incomes from the activities such as alcohol, tobacco, pork products, arms, entertainment (casino, gambling, cinema, music, pornography and hotel business)".

- The Fund will also strictly comply with all other principles of investing in individual securities, which are prescribed by international regulatory bodies from the area of Islamic banking - says Šaćiragić.

Ilirika DZU started doing business in the field of open investment funds in Bosnia and Herzegovina two years ago, and Ilirika Emerging Europe Islamic Fund will be the fourth investment fund run by this company.