New Islamic Fund to Invest in Technology
Jeddah-based Islamic Corporation for Development of the private sector (ICD) and Gulf Finance House (GFH), an Islamic Investment Bank based in Bahrain, have agreed to establish Injazat Technology Fund, the first Islamic Fund for investing in technology in the region, Khaleej Times reported Saturday.
The daily quoted an official press release, as saying that the size of the fund is $50 million, of which GFH and ICD will invest $12.5 million each, and the expected life of the fund is five years.
ICD and GFH have appointed Communications Development Corporation (CDC), a Dubai-based company providing investment banking and corporate advisory services as a technical advisor to the Injazat Technology Fund, the paper said, adding that the fund will be set up in Bahrain.
The Gulf Finance House was set up by a group of Gulf investors on 16 October 1999 as a joint venture of an authorized capital of $150m, and paid up capital of $65m. Major partners are Kuwaiti Gulf Investment House, Arif Investment Group, Abd Allah Abd al-Latif al-Shaya, the Islamic Development Bank, Bahrain Islamic Bank, Qatar Islamic Bank, Dubai Islamic Bank and the Saudi Economic Development Group -- (Several Sources)
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