Emirates NBD Asset Management’s Money Market Fund has exceeded $100m AUM 18 months after inception.

The Shariah-compliant fund was launched with the aim of outperforming traditional bank deposits of similar liquidity. It invests in a diversified portfolio of Shariah-compliant money market instruments, including collectives investing in such instruments. According to a company statement, the fund has more than quadrupled the amount in total returns that an investor would have received in an overnight deposit during the same period. Investors include individuals, corporates and insurance companies.

“The fund’s success lies in a number of investment parameters that ensure suitability of return and liquidity,” said Deon Vernooy, senior executive officer at ENDB Asset Management. “Insurance companies and Takaful operators have been one group of investors drawn to the funds liquid and simple strategy.”