Qatar Islamic Bank (QIB) has partnered with investment bank QInvest to launch a new range of Islamic funds, called Shiraa Funds.

The three new funds are: Shiraa Defensive Fund, Shiraa Moderate Fund and Shiraa Long-Term Fund. These funds will be initially offered to QIB’s Private, Tamayuz and Wholesale banking clients.

Shiraa Funds will invest into a selection of Global Shari’a compliant funds, and spanning across international Equity and Sukuk Markets.

The launch of these three funds are part of broader plans to launch as many as 30 funds over the next three years on a managed account platform introduced by QInvest last year, according to Reuters.

The new funds will be managed by the asset management team of QInvest and will be made through the QInvest Managed Account Platform (QMAP) which was launched last year.

QMAP allows the team to build and distribute custom products for clients across multiple asset classes and provides investors with the opportunity to select from a range of high quality Sukuk and equity funds.

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Bassel Gamal, CEO of QIB, said: "Shiraa Funds will bring a number of benefits to investors including the choice of the most suitable fund for each client, best in class investments.

"The funds enjoy the best performing Shari’a compliant investment vehicles available to investors and active management, as Shiraa Funds are being actively managed by Qinvest, thus ensuring on-going monitoring and analysis of current and potential investments."