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.
