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Islamic finance sets sights on Africa

by Sara Hamdan on Monday, 09 June 2008

Jadwa Investment plans to partner with Investec Asset Management to create a sharia compliant fund that specialises in African equity markets.

Jadwa Investment, a Riyadh-based brokerage firm, will team up with Investec in Johannesburg to raise more than $100 million in its first year, the UK's Financial Times (FT) reported on Monday.

The fund, which complies with Islamic law, will be the first of its kind in the Gulf that focuses on Africa, the FT said.

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Investec will be responsible for managing the fund and allocating assets. Jadwa Investment will raise capital and act as an advisory role, monitoring whether the stocks selected for the fund comply with sharia law.

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