Muscat International Guaranteed Fund Series 2 receives overwhelming response from investors.

The issue of the MIGF Series 2 units launched by BankMuscat that closed for subscription on the 17th of June 2002 has received excellent response from investors. Mr.AbdulRazak Ali Issa, Chief Executive of BankMuscat said " we are overwhelmed by the response from investors. We were expecting to raise around RO5m and are extremely pleased to see that we raised much more than the target. We thank the investors for the trust placed on us and we hope to maintain our track record of providing good return to investors." The earlier MIGF Fund (launched in 1997) had given investors a return of around 25% in 3 years and the new fund is also expected to provide similar returns. The MIGF Series 2 is the sixth fund launched by BankMuscat in the last 5 years. 

The Fund is managed by BankMuscat. The fund has a 3 year maturity and BankMuscat provides investors a guarantee of capital and a minimum return of 7.5% on maturity. The fund will provide investors a return linked to the performance of a basket of stock indices (S&P500, Nasdaq100 and DJ Eurostoxx50 indices). The fund is listed on MSM and the investors can trade on the units like any other share. 

The other funds launched by BankMuscat in the past have outperformed the benchmark indices and also have provided good return to investors. Mr.AbduRazak added that, BankMuscat through its Investment Banking department will bringing out more products for investing in the local market and also the international markets. BankMuscat is also in the process of setting up a dedicated Private Banking Centre to offer a full range of wealth management services and advisory support for High Networth Individuals, in line with international standards.