Announcement - Principal Islamic USA Property Fund
Principal Islamic USA Property Fund is our maiden Real Estate Fund launched on 18 March 2021. The Fund seeks to provide income by long term yield-oriented indirect investments in apartment buildings in the USA, through Murabahah transactions (on the basis of Wakalah), catered to the middle-income working-class population, while conforming to Shariah principles. The Fund is closed-ended and is offered for a period of 6 months from the date of its launching which was initially scheduled to end on 17 September 2021. However, in light of encouraging investors’ response to the Fund, Principal Islamic as the Manager of the Fund is delighted to announce the extension of the Offer Period of the Fund to 31 December 2021. The Manager shall have the discretion to close earlier than 31 December 2021 or extend this period further as it may determine from time to time.