Shefa HealthCare Fund to invest in healthcare providers and ancillary services in the MENA region
Injazat Capital, the leading investment bank, has announced the launch of Shefa Healthcare Fund, a Shari’a-compliant healthcare fund, to create a regional network of healthcare services and to meet the growing demand for affordable, specialized and high-quality healthcare services. The launch was announced during the “Investing in Healthcare in the MENA Region Conference” held on Sunday, December 4, 2005 at the Grand Hyatt, Dubai, in the presence of major regional investors and leading healthcare professionals.
A US$ 100 million venture, Shefa Healthcare Fund will invest in healthcare providers and ancillary services in the Middle East and North Africa (MENA) region, with the objective of creating industry-dominant health groups with regional reach. Shefa Healthcare Fund is a unique investment vehicle, providing investors access to diverse markets in the MENA countries and offering them an opportunity to reduce risk by investing in a diversified portfolio of healthcare providers.
“The launch of Shefa Healthcare Fund is in keeping with Injazat’s commitment to provide high-quality yet affordable healthcare services in the Middle East,” said Mr. Hussein Rifai, Chief Executive Officer, Injazat Capital. “The global healthcare sector is in the midst of an important phase, with breakthrough technologies and innovations radically altering conventional methods of medical services provision. In this regard, it is vital that the healthcare sector in the Middle East too reflects these changes by adopting best practices. Shefa Healthcare Fund will make judicious investments in the Middle East medical sector, with the aim of transforming the region into a high-standard healthcare services hub.”
“The US$35 billion Middle East healthcare industry is rapidly changing as a result of several factors such as the implementation of mandatory medical insurance in some countries, government initiatives to privatize the healthcare sector, increased participation of the private sector and insurance companies in financing healthcare activities, movement from general hospitals to more specialized units, and the growth in demand as a result of population growth,” said Mohammed Al Salman, Vice President, Head of Investment Placement, Injazat Capital. “Shefa Healthcare Fund has already generated tremendous response from many leading investors in the region, whose names will be announced in the near future.”
Established under the rules of the Bahrain Monetary Agency (BMA), the Fund may hold Islamic debt not exceeding a 60/40 debt-to-equity ratio. Shefa is targeting the healthcare industry through acquiring a majority stake in healthcare providers in accordance with Islamic principles in the MENA region. The objective of the Fund is to create a network of healthcare providers and to raise the quality of regional healthcare services to match global standards.
Injazat is currently managing Injazat Technology Fund, a US$ 50 million technology fund, successfully investing in technology, media and communication companies across the Middle East and North Africa region (MENA).