Dubai Islamic, Global fund eyes three deals by Q3

IN PIPELINE: Dubai Islamic Bank and Global Investment House's buyout fund expects to complete three deals by the third quarter. (Getty Images)

A $500 million Islamic buyout fund promoted by Kuwait's Global Investment House and Dubai Islamic Bank plans to complete three deals by the third quarter, a Global executive said on Monday.

The fund expects to complete a transaction in Turkey's financial services, acquire a stake in a major retailer in the Gulf Arab region and buy an asset management firm in India, said Ali Al-Fulaij, an assistant vice-president at Global.

"[With] the appetite we saw for Islamic products, we decided to launch an Islamic buyout fund," Al-Fulaij told newswire Reuters on the sidelines of a conference in Dubai of the fund which will raise its first $120 million by the end of July.

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

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