Notification of changes to the underlying fund of R92 Emirates NBD Islamic Global Balanced
We have been notified by Emirates NBD Asset Management (the “Company”) of the recent changes to the Shari’a Board of the Company of the underlying fund of R92 Emirates NBD Islamic Global Balanced. These changes have taken effect from 1 November 2020 (the “Effective Date”).
The Company have confirmed the below, which has been extracted from the shareholder circular of the underlying fund of R92 Emirates NBD Islamic Global Balanced. In the below, the “FSSB” is defined as Fatwa and Shari’a Supervisory Board.
“We are writing to you to share the sad news of the demise of the Chairman of the FSSB of ENBD AM, Dr. Hussain Hamed Hassan, who passed away late August 2020.
Dr. Hussain was an important part of our organisation and a key player in the Islamic Finance industry and will be greatly missed by both us and the industry. He had been associated with our firm and the funds that we manage for over a decade and provided us with invaluable guidance and assistance over the years, helping us get to where we are as an organisation.
May his soul rest in peace.
What does this mean for our clients?
For the sake of good governance and for unforeseen eventualities like this, the DFSA requires all firms regulated by them to have at least 3 Shari’a Board members. In the immediate aftermath of this unfortunate circumstance, we continued to interact with the remaining two Shari’a Board members for their guidance and assistance and hence did not see any negative impact in the management of our Shari’a compliant funds and segregated mandates.
Since then, we have decided to restructure our Shari’a Board in order to bring back the composition of our Shari’a Board to 3 members and hence continue to offer our services to the standard that we have been delivering currently.
Changes to the FSSB
As part of the restructuring of the Shari’a Board of Emirates NBD Asset Management, it was decided to align our Shari’a Board to that of Emirates NBD Bank PJSC. In light of this, the existing
2 Shari’a Board Members resigned as at 31 October 2020 and 3 new Shari’a Board members were appointed as at 1 November 2020.
Shari’a Board as at 31 October 2020
Shari’a Board as at 1 November 2020
Dr Ojiel Nashmi
Dr Mohammed El Gari
Dr Ali Qara Daghi
Dr Mohammed Sultan Al Ulema
Dr Salim Al Ali
The new Shari’a Board members are all highly experienced in the field of Islamic Finance and are a valuable addition to Emirates NBD Asset Management. We look forward to working with them and would like to assure our clients of continued high levels of service going forward.”
Should you have any questions regarding these changes, please contact International Funds & Investments.