What is Century Sharia Fund?
Century Sharia Fund Ltd (the “Fund”) is a newly organised open-ended fund. It is a medium to long-term investment product. It gives investors the opportunity to invest in Sharia compliant investments. It is a well-diversified fund with investments in equities, fixed income and investment funds around the world.
How do I benefit from investing in the Fund?
Spreading the risk
Spreading your investment across a diverse portfolio. This is usually less risky in comparison to investing in a single stock. Levels of risk and return also vary among different funds.
The Fund is managed by fund managers, who specialise in investment analysis and investment management.
Access to markets which are not normally accessible to individuals.
Unit of funds can be sold on any dealing / business day (as provided in the respective fund’s prospectus) after the lock in period of 1 year.
What is the minimum investment for the Fund?
The minimum investment in the Fund is MUR 30,000 with increments of MUR 10,000.
How can I invest in the Fund?
Individuals and Corporate Clients should complete and sign the appropriate Application Form and provide us with documents to be submitted together with remittance.
What is lock-in period?
It is a period during which an investor is restricted from selling/redeeming its investment. The lock-in period for Century Sharia Fund is 1 year.
What are the fees for the Fund?
An entry fee of 1.5% is paid by an investor on the subscription amount. No entry fee is imposed during the initial subscription period, i.e., from 4th September 2014 to 15th October 2014.
An exit fee of 1.5% is charged to an investor on the sale of the units. This fee is deducted from the redemption proceeds.
Annual Management Fee
An Annual Management fee of 1% is charged on Assets Under Management (“AUM”).
How soon can I get my funds back upon redeeming my investment?
Payment of the redemption proceeds will be made within 10 business days following the Dealing Day. The redemption price is based on forward pricing i.e. the Net Asset Value per unit at the next valuation point after the request is received.
What are the risks associated with investing into Funds?
The Fund is subject to investment risks such as:
a) possible loss of the principal amount invested
b) returns not guaranteed
c) security specific risk
d) inflation risk
e) currency risk
In which business activities the Fund is not allowed to invest?
1. Non-Shari’a compliant financial services;
2. Investment services;
3. Mortgage and lease;
7. Pork-related products;
10. Adult entertainment & pornography;
11. Interest income;
12. Insurance companies;
14. Defense; and
15. Any other sectors that the Shari’a Advisor declares ineligible.