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$500mn Islamic buyout fund set up

by Reuters on Wednesday, 25 June 2008
SHARIA-COMPLIANT: Dubai Islamic Bank and Global Investment House have set up a $500 million Islamic buyout fund. (Getty Images)<br />
SHARIA-COMPLIANT: Dubai Islamic Bank and Global Investment House have set up a $500 million Islamic buyout fund. (Getty Images)

Dubai Islamic Bank and Kuwait's Global Investment House have set up a $500 million Islamic buyout fund, the firms said in a joint statement on Wednesday.

"The Islamic buyout fund that both our institutions have created aims to become the leading sharia-compliant investment fund in the region," Global's co-founder Maha Al-Ghunaim said in a statement.

The statement had no further details.

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Islam also bans investment in companies dealing in alcohol, gambling and pornography.

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