Al Tawfeek launches new Islamic fund
Al Tawfeek Company for Investment Funds Limited and Maplewood Partners announced the launch of a new Islamic fund—Manar Private Equity Fund Limited—which will increase investment diversification, reported the daily The Gulf Today. Maplewood will manage the investment transactions of the fund and Al Tawfeek will serve as the fund's Islamic investment advisor.
The fund will mainly invest in private American middle market companies whose annual revenues do not exceed $25 million. Saleh Malaikah, chief executive officer of Al Tawfeek stated, “The challenge of course, is to undertake private equity investing in an Islamically acceptable way.”
Dun and Bradstreet, the business information provider, reported that there are over nine million companies in the US with revenues below $25 million—more than 100 times the number of US companies with revenues in excess of $25 million. These companies may offer investment opportunities as they often belong to large institutional investors and can be bought at a discount relative to the prices paid for larger companies. — (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)