Bangladesh Securities and Exchange Commission (BSEC) has recently approved the draft Trust Deed of UCB Taqwa Growth Fund, the second open-end fund to be launched by UCB Asset Management.
The initial size of the said fund will be Tk35 crore, reads a press release.
Sandhani Life Insurance Company Limited will act as the trustee of UCB Taqwa Growth Fund.
The objective of launching this new fund is to cater the needs of investors who seek Shariah compliant investment opportunities, according to the press statement.
United Commercial Bank Ltd has recently launched its Islamic banking window 'UCB Taqwa' to offer banking services with uncompromising Shariah adherence.
UCB Taqwa Growth Fund is being launched to follow the footsteps of the parent to offer a Shariah-based investment vehicle. As the name suggests, the fund will focus on earning superior risk adjusted returns by investing in high-quality growth names.
UCB Asset Management conveys its gratitude to the BSEC and all the related stakeholders for their continuous support along the path. The Asset Manager expresses its hope to go for the Initial Public Offer (IPO) of UCB Taqwa Growth Fund by the first quarter of the new year.