There is nothing new about a Shari’a-compliant investment fund: the first such fund was established in the late 1980s. Equally, there is certainly nothing new about hedge funds: the first such funds were established as long ago as 1949. But Shari’a-compliant hedge funds are certainly new. While for some years there has been a lot of industry talk about the need to create such funds, several recent attempts to launch such a fund have failed. But the recent launch of the Jersey-based Algo Al-Qayyim Fund has changed that.
The Algo Fund was approved by the Jersey Financial Services Commission in February 2006 and represents the culmination of almost two years’ work by the team at Volaw Trust & Corporate Services.
