Money Market Fund : Bahrain Islamic Bank

Name of the Organization : Bahrain Islamic Bank
Type of Facility : Money Market Fund
Country : Bahrain

Website : http://www.bisb.com/

Money Market Fund :

An Open-ended fund that invests in high quality Shari’a compliant money market instruments.

Related : Bahrain Islamic Bank Prepaid eCard : www.statusin.org/6003.html

The Fund:
** BisB Money Market Fund is an open-ended fund created by the Fund Company and established as a Shari’a compliant Retail Collective Investment Undertaking (CIU) pursuant to the Central Bank of Bahrain’s (CBB) regulatory Rulebook.
** Invests in Shari’a compliant money market instruments.
** The Fund will be denominated in, and the reference currency will be, USDs (lawful currency of the United States of America).

Investment Objective:
The Fund aims to generate capital growth and return capital to its Unitholders through maintaining a high level of liquidity by investing in low risk quality Shari’a compliant money market instruments.

Eligible Customers:
** Corporates and institutions.
** Individuals.

The Investment:
** During the Initial Offering Period, Units shall be offered at the Initial Subscription Price of USD1 per Unit. Following the Initial Offering Period, Units will be offered at Net Asset Value (NAV) per Unit on the relevant Dealing Day.
** Investors are required to apply to invest an amount not less than 25,000 units as their initial investment and not less than 1,000 units for each subsequent investment.
** Any redemption request that will reduce an investor’s holding in the Fund to below 1,000 units will be deemed to be a request to redeem the investor’s entire holding in the Fund.
** Each Unit must be held for a minimum period of 30 calendar days.

Subscription, Redemption and NAV:
** Subscription, redemption and NAV calculation will be weekly.
** The subscription or redemption applications will be accepted by Monday of each week with actual process on Wednesday.

Fees:
** Management fee – up to 0.5% of the NAV per annum.
** Subscription fee – up to 0.25% of the invested amount.
** Custody and administration fees – 0.15% of the NAV per annum, subject to a minimum.

Fund Manager, Operator and Placing Agent:
Bahrain Islamic Bank B.S.C

Custodian, Administrator and Registrar:
Gulf Custody Company B.S.C.(c)

Auditor:
KPMG Fakhro

Please refer to the Prospectus for details and associated terms/definitions related to the Fund.

For more information or any queries please contact mmf@bisb.com

Eligibility:
BisB Money Market Fund is available to Bahraini and non Bahraini nationals, employed and self-employed except for US citizens.

The general criteria of investing in BisB’s Money Market Fund is detailed below:
** Age of Applicant: Above 21 years of age at the time of application.
** Minimum Initial Investment: 25,000 Units.

Required Documents:
To invest in BisB’s Money Market Fund, applicants must provide the following documents

For individual Applicants:
** Two valid government issued forms of picture identification (e.g., Passport, National Identity Card or Driver’s License)
** Proof of the individual’s current full address (e.g., current utility bill or National Identity Card), if not included in the form of picture identification. A P.O. Box number alone will not be accepted

For all other entity Applicants:
** A Certificate of Incorporation and/or a Certificate of Commercial Registration
** The Memorandum and Articles of Association/A Partnership Agreement (if applicable)
** A board resolution naming the authorised signatories who may operate the account(*)
** A list of the authorised signatories duly approved by the board(*)
** The ID’s (i.e. Passport, CPR card, ID card) of the authorised signatories(*)
** A copy of the latest audited annual report
** Documentary evidence of current shareholders(*)
** Documentary evidence of beneficial owners of the Applicant(*)
** Documentary evidence of current board of directors of Applicant(*)

(*) Not applicable for listed companies