SRI LANKA: Capital Alliance (CAL) has launched the CAL Islamic Money Market Fund, a Shariah compliant open-ended unit trust offering daily liquidity and exposure to short-term Islamic instruments. The fund invests in assets with maturities less than 397 days including listed corporate Sukuk, Islamic commercial papers, asset-backed securities as well as savings and term deposits structured on Mudarabah and Wakalah principles, with investments overseen by a Shariah advisory committee. Fund assets are held by Hatton National Bank as custodian and the fund is regulated by the Securities and Exchange Commission of Sri Lanka and its CIS code.
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