First Shariah-compliant ship fund launches

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13 November 2009

Qatari investment bank QInvest and Fortis Bank Nederland have launched the world’s first Shariah-compliant ship financing fund.

QInvest and Fortis Bank Nederland have signed a joint venture agreement with each committing $50 million to the QInvest-Fortis Bank Nederland Shipping Fund, making it the world’s first Shariah-compliant ship financing fund.

Jointly managed by QInvest and Fortis Bank Nederland through QF Investment Management, the fund will soon be opened to third party subscriptions.

The fund is a Shariah compliant investment solution which QInvest, the Qatari investment bank, brings to its investor base in the GCC region, and demonstrates QInvest’s...

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Poll

Will Russia’s recent ban on grain exports result in a significant rise in private risk insurance claims from grain traders unable to fulfil their contracts?

Yes – there will be more claims. The government’s actions allow traders, with PRI cover, to make claims through contract frustration.

No - the majority of Russia’s wheat production, some 70%-80%, is used for domestic consumption so the contracts represent only a small portion of the total wheat market, limiting the amount of potential claims.

23%

No - traders had a week’s notice before the ban allowing them to secure alternative supplies to fulfil contracts stated as optional origin.

23%

Maybe - but claims are likely to be limited to traders dealing in soft wheat whose contracts demand they source wheat only from Russia.

46%