Sandhani Life Finance signs Trust Deed of its maiden Tk25cr Shariah mutual fund with BGIC
The Trust Deed received formal approval from the Bangladesh Securities and Exchange Commission (BSEC) on 13 July.
Sandhani Life Finance Limited (SLFL), a leading merchant bank in Bangladesh, has signed the Trust Deed for its maiden mutual fund, the Sandhani AML SLFL Shariah Fund, with Bangladesh General Insurance Company PLC (BGIC).
The signing ceremony took place at BGIC's head office, reads a press release.
The Trust Deed received formal approval from the Bangladesh Securities and Exchange Commission (BSEC) on 13 July.
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SLFL, acting as the sponsor of the fund, and BGIC, acting as the trustee, formalised the agreement in the presence of senior officials from both organisations.
Muhammad Nazrul Islam, Managing Director and CEO of SLFL, and Ahmed Saifuddin Chowdhury, Managing Director and CEO of BGIC, signed the Trust Deed on behalf of their respective institutions.
With an initial target size of Tk25 crore, the Sandhani AML SLFL Shariah fund will be managed by Sandhani Asset Management Limited.
This marks Sandhani AML's second open-ended mutual fund and its first Shariah-compliant offering.
The fund is designed to deliver superior risk-adjusted returns to investors who are seeking Shariah based investment options in the capital market.
The asset management company aims to ensure active and professional fund management while making the fund widely accessible through both conventional and digital distribution channels.
Previously, in 2022, Sandhani AML launched the country's first no-dividend mutual fund — Sandhani AML SLIC Fixed Income Fund — which currently has an Asset Under Management (AUM) exceeding Tk100 crore.
