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Amana Securities Limited (ASL) a fully-owned subsidiary of Amana Investments Limited, the pioneer provider of Islamic financial services in Sri Lanka, recently entered into a joint collaboration with Jahangir Siddiqui and Company Limited (JSCL), a premier brokerage house in Pakistan.

The joint venture parties will soon launch the 'UTP-Amana Sharia'a Complaint Fund', an open-ended fund that will invest in Sharia'a-complaint products in Pakistan.

ASL will be the Technical Advisor to the Fund whereas the Fund management will be performed by ABAMCO Limited, a subsidiary of JSCL. ABAMCO Limited is the first Asset Management licence holder in the private sector in Pakistan. In addition to the services provided by the Technical Advisor, the Sharia'a Complaint Fund will also be utilising the advisory services of JSCL, the company said in a press release.

JSCL is the largest publicly quoted brokerage house in Pakistan with an equity base of PKR 699 million (as of December 31, 2001) and consolidated group assets of over PKR. 3.2 billion JSCL was not only the first corporate brokerage company in Pakistan but also the first company in Pakistan to boast a Wall Street pedigree by virtue of its former joint venture partner Bear Stearns a leading international investment banking and brokerage company.

JSCL, was presented the 'Euromoney Award for Excellence 2000' for the 'Best Domestic Brokerage House' in Pakistan. JSCL also received the 'KSE Top 25 Companies Award in 1998". JSCL is the only brokerage firm in Pakistan to receive a high long-term credit rating of AA - (minus) and a short-term rating of Al plus by Pakistan Credit Rating Agency (Pvt) Limited.

This certification exhibits the Company's superior quality service and execution in Share Brokerage, Money Market, Corporate Finance, Underwriting and Portfolio Management, the release said.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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