Three hedge funds started trading last month through French broker Fimat's new sharia-compliant prime brokerage. All are compliant with sharia (Islamic law) and were seeded with a total of $60 million provided by a large Middle Eastern bank. These funds are thought to be among the first sharia hedge funds to be launched.
Fund managers eager to tap into the massive wealth in the Middle East have discussed the idea of hedge funds suitable for Islamic investors for some time. However, few manage