Last checked at 5 Nov 2008 07:00
| FOR IMMEDIATE RELEASE | 4 November 2008 |
THE FAMILY SHARI'AH FUND LIMITED
(the 'Company')
Quarterly Results
The Family Shari'ah Fund Limited, a multi-asset class fund providing investors with exposure to a variety of Shari'ah compliant investments predominantly outside of the GCC region, is pleased to announce its first quarterly results for the period to 30 September 2008 following the commencement of trading of its shares on AIM on 25 July this year.
The Company would also like to clarify the timing of future announcements in 2008 and 2009 as previously stated in the Company's Admission Document. These quarterly results, the financial timetable and a monthly investment manager's report for the period from 31 August to 30 September 2008 are also available on the Company's website (www.familyshariahfund.com).
For further information, please contact:
| The Family Office (Investment Manager) | Tel: +973 (17) 221177 |
| Andrew Paine - CFO | |
| Richard Joye - Projects Manager | |
| Blomfield Corporate Finance (Nominated Adviser) | Tel: +44 (0)20 7489 4500 |
| James Pinner / John Simpson / Alan MacKenzie | |
| Buchanan Communications (Public Relations) | Tel: +44 (0)20 7466 5000 |
| Bobby Morse / James Strong |
| BALANCE SHEET AS AT SEPTEMBER 30, 2008 | |||||||
| ASSETS | USD | ||||||
| Bank accounts | 2,555,308.25 | ||||||
| Cost of investment mutual funds | 15,746,122.41 | ||||||
| App/depr settled mutual funds | (1,142,820.53) | ||||||
| Murabaha Receivable | 13,119,735.22 | ||||||
| Deferred Incorporation Costs | 936,448.60 | ||||||
| Prepaid expenses | 5,634.97 | ||||||
| Prepaid Insurance | 173,299.16 | ||||||
| Prepaid Listing Fee | 4,241.07 | ||||||
| Prepayments - other | 2,893.08 | ||||||
| ASSETS TOTAL | 31,400,862.23 | ||||||
| LIABILITIES | |||||||
| Management fee payable | 85,982.22 | ||||||
| Administration Disbursements payable | 400.00 | ||||||
| Administration fees payable | 4,000.00 | ||||||
| Audit fee payable | 21,169.81 | ||||||
| CorrectNet fee payable | 250.00 | ||||||
| Custodian fees payable | 2,780.09 | ||||||
| Directors fee payable | 77,546.02 | ||||||
| Legal fees payable | 17,106.92 | ||||||
| Other expenses accrued | 996.84 | ||||||
| Register fee payable | 1,845.29 | ||||||
| Secretarial fees payable | 529.41 | ||||||
| Due to the Placing Agent | 1,000,000.00 | ||||||
| Unearned Murabaha Income | 100,730.55 | ||||||
| LIABILITIES TOTAL | 1,313,337.15 | ||||||
| NET ASSET VALUE | 30,087,525.08 | ||||||
| SHAREHOLDER CAPITAL | |||||||
| The Family Shari'ah Fund Class A USD Series 1 | 30,087,525.08 | ||||||
| SHAREHOLDER CAPITAL TOTAL | 30,087,525.08 | ||||||
| PROFIT & LOSS STATEMENT FOR THE PERIOD JULY 1, 2008 TO SEPTEMBER 30, 2008 | ||||||
| YTD USD | ||||||
| Realised gain/loss | Commission & other charges | (31,816.72) | ||||
| (31,816.72) | ||||||
| Unrealised gain/loss | Unrealised p/l settled mutual funds | (1,142,820.53) | ||||
| (1,142,820.53) | ||||||
| Other income | Profit on Murabaha Trade | 64,903.56 | ||||
| 64,903.56 | ||||||
| Dividend income | Dividends income | 20,136.75 | ||||
| 20,136.75 | ||||||
| Other expenses | Administration fee expense | (13,950.00) | ||||
| Other expenses | Audit fee expense | (21,169.81) | ||||
| Other expenses | Directors fee expense | (77,546.03) | ||||
| Other expenses | General & Custodian Expenses | (40,177.04) | ||||
| Other expenses | Insurance expense | (41,250.84) | ||||
| Other expenses | Legal fee | (25,448.56) | ||||
| Other expenses | Organisation expense | (63,551.40) | ||||
| (283,093.68) | ||||||
| Investment Expenses | Trade and Derivative Charges | (3,802.08) | ||||
| (3,802.08) | ||||||
| Investment management fee expense | Management fee | (85,982.22) | ||||
| (85,982.22) | ||||||
| TOTAL | (1,462,474.92) | |||||
| Positions as of September 30, 2008 | ||||
| Security | CCY | Quantity | Market Price | Market Value |
| Alahli Diversified US Dollar Trade Fund | USD | 2,526,875.9367 | 1.192500 | 3,013,299.55 |
| AlAhli International Trade Fund | USD | 1,665,233.9270 | 2.412100 | 4,016,710.76 |
| Alfanar Europe Ltd Class A | USD | 393.5400 | 2,051.910000 | 807,508.66 |
| Daiwa FTSE Islamic Japan 100 | USD | 135,300.0000 | 7.620000 | 1,030,986.00 |
| iShares MSCI Emerging Market Islamic | USD | 84,500.0000 | 15.550000 | 1,313,975.00 |
| iShares MSCI USA Islamic | USD | 51,330.0000 | 21.430000 | 1,100,001.90 |
| iShares MSCI World Islamic | USD | 76,500.0000 | 19.880000 | 1,520,820.00 |
| TFO Shari'ah Co-Investment Fund SPC - Class AA | USD | 450.0000 | 1,000.000000 | 450,000.00 |
| TFO Shari'ah Co-Investment Fund SPC - Class AB | USD | 450.0000 | 1,000.000000 | 450,000.00 |
| TFO Shari'ah Co-Investment fund SPC - Class Y | USD | 450.0000 | 1,000.000000 | 450,000.00 |
| TFO Shari'ah Co-Investments Fund SPC - Class X | USD | 450.0000 | 1,000.000000 | 450,000.00 |
| 14,603,301.87 |
Financial Timetable for 2008 and 2009 announcements
| Date | Event | Due to be announced by * | For 2008 | For 2009 |
| 31 January | NAV | 20 business days | N/a | 27 February |
| 28 February | NAV | 20 business days | N/a | 27 March |
| 31 March | NAV | 20 business days | N/a | 29 April |
| 31 March | Quarterly Financial information | 30 days | N/a | 30 April |
| 30 April | NAV | 20 business days | N/a | 28 May |
| 31 May | NAV | 20 business days | N/a | 26 June |
| 30 June | NAV | 20 business days | N/a | 28 July |
| 30 June | Half Year results | 3 months ** | N/a | 30 September |
| 31 July | NAV | 20 business days | 19 August **** | 28 August |
| 31 August | NAV | 20 business days | 11 September **** | 28 September |
| 30 September | NAV | 20 business days | 13 October **** | 28 October |
| 30 September | Quarterly Financial information | 30 days | 5 November **** | 30 October |
| 31 October | NAV | 20 business days | 28 November | 27 November |
| 30 November | NAV | 20 business days | 24 December | 24 December |
| 31 December | NAV | 20 business days | 28 January 2009 | 28 January 2010 |
| 31 December | Full Year results | 6 Months *** | 30 April 2009 | 30 April 2010 |
* As stated in admission document
** Although this is a fiscal quarter, limited quarterly financial information will not be disclosed as fuller half-year information will be produced
*** Although this is a fiscal quarter, limited quarterly financial information will not be disclosed as audited full-year information will be produced
**** Already announced