Net Asset Value(s)

The Family Shari'ah Fund Limited
                                      (`FSF' or the `Company')

                                            NET ASSET VALUE


The Directors today announce that the estimated Net Asset Value per ordinary share of US $0.01 each based on the
estimated value of The Family Shari'ah Fund Limited provided by the Fund Administrator - Apex Fund Services (Ireland)
Limited as at 31 August 2008 including income was US $0.9882.

The movement in Net Asset Value between the first day of dealing and 31 August 2008 and the portfolio allocation as at
31 August 2008 is summarised below.  Furthermore, the Investment Manager has published a market and Islamic finance
market review which can be found on the Company's website at www.familyshariahfund.com/news.

Period July 25 2008 (opening) - August 31 2008 (closing) (all figures in US$):

                        Opening             Closing
Net Asset Value        31,500,000        31,176,675.72
NAV per share             1.00               0.9882


On inception and on admission to AIM, FSF held its initial net asset value in cash. The Investment Manager gradually
invested over the period into profit sharing cash instruments, Islamic income funds and equities worldwide.

No capital has been deployed into alternative investments, real estate or private equity yet, resulting in the following
rounded asset allocation as at 31 August 2008:

·  70% in cash and cash like instruments
·  10% in Islamic income
·  20% in equities

The allocation within these asset classes is further analyzed as follows:

Cash and cash-like assets:
·  9.5% of the NAV has been placed in a 12 month murabaha with the Custodian under the Murabaha Agreement;
·  12.7% has been placed into a murabaha trading fund;
·  46% has been placed into a monthly Islamic money market fund structured by the Custodian;
·  the remaining cash has been kept in a non-interest bearing cash account.

Islamic Income :
·  9.5% of NAV has been placed in an Islamic income fund.

Equities:
·       19.6% of NAV has been deployed into active and passive equity instruments. All together, these instruments are
covering world markets.

The Investment Manager expects to increase the Company's allocation to equities, Islamic income and private equity in
the upcoming months.

For further information, please contact:
The Family Office                             Tel: [phone]
Richard Joye, Projects Manager

Blomfield Corporate Finance                   Tel: [phone]
James Pinner / John Simpson / Alan MacKenzie

Buchanan Communications                       Tel: [phone]
Bobby Morse / James Strong

This announcement should be read in conjunction with the Admission Document. Terms defined in the Admission Document
have the same meaning when used in this announcement.



Notes to Editors
The Family Shari'ah Fund Limited is the first multi-asset class fund to gain admission to AIM and provides investors
with exposure to a variety of Shari'ah Compliant investments predominantly outside of the GCC region.