Bahrain-based Family Office Company has completed a $31.55 million private placement for its Family Sharia Fund (FSF).

The multi-asset class investment fund provides exposure to a variety of Sharia- compliant investments.

Family Office has now nominated adviser in London, Blomfield Corporate Finance, to proceed with an application to have the entire stock of the fund listed on the Alternative Investment Market (AIM) on the London Stock Exchange, a total of 31,550,000 ordinary shares at a placing price of $1 per share.

Trading is expected to commence on July 25 under the symbol FSF.

The fund will be managed by Family Office with the objective of generating stable long-term capital appreciation across a market cycle through a diversified pool of investments, in strict accordance with Sharia principles.

The initial members of the funds Sharia supervisory board will be Shaikh Nizam Muhammed Saleh Yaquby and Shaikh Abdul Sattar Abdul Karim Abu Ghuddah, both of whom are internationally renowned scholars in the field of Islamic finance.

'I am pleased to announce the completion of our successful private placement and the admission of the Family Sharia Fund to AIM,' said Family Office chief executive officer Abdulmohsin Al Omran.

'The quotation on AIM will allow investors to participate in the rapidly growing market of Islamic finance.

'The fund provides investors with an opportunity to invest in multiple asset classes in accordance with the Sharia.

'This offering highlights Family Office's ability to provide investors with Sharia-compliant hedge fund offerings, real estate, private equity and sukuks,' he said.

'The Family Office is committed to becoming a leader in modern Islamic finance and Islamic asset management by developing competitive and innovative multi-asset class Sharia compliant economic alternatives to conventional investments,' said Shaikh Nizan.

'Our intention is to use the funds raised to concentrate our investments on the geographic areas outside of the GCC and to maintain a broad scope, moderate risk investment strategy,' he added.-TradeArabia News Service