UAE: Asset manager Franklin Templeton launched seven feeder funds – two being Shariah compliant and five conventional – domiciled within the Dubai International Financial Centre for the onshore UAE retail market. The two Islamic funds are Franklin Global Sukuk Fund and Franklin Shariah Global Multi-Asset Income Fund. All seven funds will feed into Luxembourg and Ireland-domiciled UCITs funds respectively.
Global Product Strategy Head Jaspal Sagger said: “Following the announcement of the new regulations, we engaged early with regulators, clients and service providers in the UAE to ensure we could continue” in serving local UAE investors. As noted by Bloomberg, the “UAE’s Securities and Commodities Authority now bans the promotion of foreign funds to retail investors to boost the local asset management industry”.
