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Newedge, Amiri Capital to launch Islamic hedge FoF

Reuters – Amiri Capital, the Islamic asset manager backed by investment firm Olivant, said on Monday it has teamed up with broker Newedge to launch the first Islamic fund of long/short hedge funds marketed in the Middle East.

The partnership with Newedge — itself a joint venture between Calyon and Societe Generale — allows Amiri to launch the fund, which was put on hold when original partner Lehman Brothers filed for bankruptcy protection in September.

Hedge funds are a relatively new concept in Islamic finance and a bone of contention, with some scholars rejecting them as speculative and others sanctioning them as a tool for diversification.

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