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AL FURSAN AND AL NAQAA become INTERNATIONAL FUNDS
In order to offer you more attractive investment terms, we are changing Al Fursan and Al Naqaa into international funds as defined by Article 41 of CMA’s Investment Fund Regulation (IFR). You will benefit, among other things, of a
lower management fees of 1.60% (previously 1.75%).
Summary of the key changes in Al Fursan and Al Naqaa funds:
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BEFORE |
AFTER |
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Management fees |
1.75% |
1.60% |
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Days for placing orders
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Monday, Tuesday, Wednesday |
Sunday, Monday and Tuesday |
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Funds’
Auditor |
KPMG
Al Fozan & Al Sadhan |
ERNST & YOUNG CO
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For further details on those amendments, please read the updated Terms and Conditions
. Al Fursan terms and conditions Al Naqaa terms and conditions
.
Al Fursan terms and conditions
.
Al Naqaa terms and conditions
In order to facilitate your transactions on mutual funds, Fransiplus
(BSF Banking online service: www.Fransiplus.com) has extended the
maximum amount for redemption on its FransiFunds module from SAR
100 000 to SAR 250 000. This new feature is effective immediately.
AL DANAH AND AL QASR BENCHMARKS CHANGE
Al Danah and Al Qasr’s
benchmarks providers will change from MSCI to S&P effective
September 2010. All other characteristics of the funds remain
identical: benchmark composition, fund investment objectives,
investment process, fund manager and risk profile.
Summary of the key changes in Al DANAH and AL QASR funds:
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AFTER
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BEFORE |
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GCC Shariah Capped Equity Index* |
MSCI GCC Islamic Capped Index |
Index provider for AL DANAH |
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GCC Shariah Capped Real Estate & Construction Equity Index* |
MSCI GCC Real Estate & Construction Islamic Capped Index |
Index provider for AL QASR |
* Calculated by S&P Custom Indices
(The updated fund terms and conditions will shortly be available on our website www.caamsf.com.sa and obtainable upon a written request free of charge.)
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