Dubai’s GulfMena Investments and Qatar’s First Investment Bank (QFIB) have established a Shariah-compliant asset management company in a new joint venture. Tebyan Asset Management launched in May as a ‘one-stop-shop’ for Islamic finance solutions, and is aimed at institutional and private clients.

“This is a total solution provider,” GulfMena CEO Haissam Arabi told Mena FM. “One thing we discovered was that if you’re an Islamic investor you honestly do not know where to go to get all your products under one roof. From a holistic point of view, Islamic investors lack a real investment programme.

“This joint venture is unique in that it bridges the gaps between conventional and Islamic finance but more importantly, it creates a one-stop-shop for Islamic investors under one roof.”

The company is set to launch its first fund, the New Silk Route Fund, after Ramadan, with a target AUM of at least $20-30m. It will invest in the Arab-Indo-China region, following a long-only strategy targeting 15-20% annual returns, with a proposed volatility of 10-12%. Arabi predicts that the ‘New Silk Route’ markets will account for more than 55% of the global economy over the next 15-20 years and Tebyan will exclusively target this geographic region initially.

Following the launch of its debut fund, Tebyan will launch further products including a sukuk offering. “This is just our first product,” says Arabi. “We have several other products in mind which have a unique advantage in the Islamic finance market.”

GulfMena will be investment advisors on the fund, while QFIB will act as shareholders. Tebyan will initially be a temporary offshore establishment before seeking a licence from the Qatar Financial Regulatory Authority. It will be hiring dedicated staff in the coming months.