Dubai's fund of funds posted 41% return

Dubai Shariah Asset Management's $260 million fund of funds, which was launched at the beginning of 2009, posted a 41% return last year.

According to Dubai Shariah Asset Management (DSAM) its fund of funds, DSAM Kauthar Commodity Fund, is drawing interest from major Islamic banks that cater specifically to wealthy clients seeking investments that don't violate shariah. The hedge fund experiment was a departure for the region's investors, who traditionally put money into real estate, private equity or long-only mutual funds - DSAM says.

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Their fund structure and more details from their release follows