Injazat Capital, the pioneering Shari’a Compliant investment bank in the Middle East and North Africa region, has announced its official launch to coincide with the firm’s relocation to new premises at the Dubai International Financial Centre (DIFC). Injazat Capital seeks to leverage the DIFC’s role as financial nerve centre to improve customer access and service delivery.
Hussein Rifai, Managing Director of Injazat Capital said: “Injazat Capital’s shift to new offices at the DIFC offered us an opportune moment to formally announce official commencement of operations. Our relocation to the DIFC was driven by our commitment to prompt, customer-centric service delivery. The DIFC’s central location and well developed infrastructure will facilitate us in the provision of investment and financial services to startups in the IT, media, retail, communications and health sectors.”
Injazat Capital Limited is a leading private equity investment and corporate advisory firm that operates in compliance with Shari'a principles and was the first to offer an Islamic Venture Capital Fund worldwide. It focuses on private equity leading the market in unique transactions such MBO, ILBO and multi-stage investments.
His Excellency Dr. Omar Bin Sulaiman, Governor of DIFC, said: “Both the DIFC and Injazat Capital have the common objective of growing the Islamic Finance sector. Injazat Capital has established itself as a pioneer in the Islamic investment sector and we look forward to working with them in developing and bringing new Shari’a compliant products to the region.”
“Injazat Capital’s presence is integral to developing the DIFC’s offering, and we’re sure that they will play an important role in the growth of the Centre as a major financial hub. We are delighted to welcome Injazat Capital into the Dubai International Financial Centre family.
Injazat Capital manages two funds—the USD 50 million venture capital Injazat Technology Fund which targets technology, media and communications companies and the USD 100million Shefa Healthcare Fund which invests in healthcare providers and ancillary services across the MENA region , with aggressive plans to launch new products in 2007.
About Injazat Capital
Injazat Capital is a leading Private Equity Investment and Corporate Advisory firm in the MENA region. Since its inception, Injazat has played an active role in the development of the MENA region by investing in and advising promising companies. Injazat operates in compliance with Shari’a principles and were the first to offer an Islamic Venture Capital Fund worldwide. Injazat Capital has established itself as one of the most active participants and successful firms in the industry throughout the MENA region.
About the DIFC:
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centers of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just under two years, over 260 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. The DIFC Authority is also responsible for developing the financial services industry. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modeled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centers. (www.dfsa.ae)
3. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law, not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. ( www.difccourts.ae)
DIFC Investments- The creation of DIFC Investments will result in the allocation to it of all non public administration activities previously carried out by DIFC Authority. This will include amongst other things all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the Dubai International Financial Centre and contribute to the fulfillment of the Centre's vision. Some of the companies and organizations that DIFC Investments owns include:
1. The Dubai International Financial Exchange (DIFX) The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority. (www.difx.ae)
2. Hawkamah- the first Institute for Corporate Governance in the region, has been established in partnership with a group of international institutions, including the Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org) .
