Quarterly results

RNS Number : 4521H

The Family Shariah Fund Ltd

05 November 2008

 



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: [phone]
Andrew Paine - CFO
Richard Joye - Projects Manager
Blomfield Corporate Finance (Nominated Adviser)	Tel: [phone]
James Pinner / John Simpson / Alan MacKenzie
Buchanan Communications (Public Relations)	Tel: [phone]
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

 

END

 

 

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