Telecoms Sharia Investment Fund Launched

Saudi Arabia's Al-Tawfeek Company for Investment Funds says that it has launched the regions first Sharia compliant investment fund that targets telecoms firms. The fund has a target of US$500 million to invest in the region.

The fund will be managed from Oman.

Minimum investment in the fund is US$25,000 for individuals and US$100,000 for institutions.

Al-Tawfeek Company for Investment Funds is a subsidiary of teh Saufdi based Dallah Al-Baraka, an Islamic business group and one of the largest conglomerates in Saudi Arabia with total assets in excess of US$12 billion, operating from more than 40 countries."

Posted to the site on 4th April 2005