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Fajr Capital: Launch of Islamic Investment Firm Backed by Leading Institutions
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10.6.2009 |
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Fajr Capital Ltd today announces its launch as a new Islamic investment firm focusing on financial services and complementary opportunities in the broader economy in key Muslim markets.
With initial funding of approximately USD 600m and access to further capital, the firm brings together a prominent and diverse set of shareholders, including the sovereign investment bodies Khazanah Nasional Berhad of Malaysia, Brunei Investment Agency and Abu Dhabi Investment Council, and the private Saudi-based firm MASIC (a member of the Al Subeaei Group). The Board of Directors is chaired by Sheikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and a long-time patron of the Islamic financial services industry.
The management team leading Fajr Capital combines a deep understanding of its target markets with particular expertise in Islamic financial services. Iqbal Khan, formerly the founding CEO of HSBC Amanah, is Chief Executive. Senior executives include some of the most experienced financial services specialists internationally, with backgrounds at HSBC, Citigroup, Bank Islam Malaysia and other leading institutions.
Fajr Capital, based in the Dubai International Financial Centre and with offices in Kuala Lumpur and London, intends to be an active and enabling investor in its portfolio companies, helping to optimize performance through best-in-class products, service standards, technologies and Shari’a expertise. Fajr Capital’s shareholder profile offers further sources of competitive advantage: regional connectivity, cross-market insights, and co-investment opportunities.
Fajr Capital intends to act as a responsible investor, and is deeply committed to the development of the communities it serves. The firm has also appointed independent Shari‘a supervisors to ensure consistency with Islamic legal and ethical principles.
The firm’s management and shareholders believe that Fajr Capital represents a compelling and timely proposition in the current economic environment. According to Iqbal Khan: “The global financial crisis has highlighted the need for an ethical and community-based approach to investment. The Islamic financial services industry is strategically positioned to fulfil this need in our target markets. We see these markets as our home, and wish to work with local partners and indigenous management to grow our portfolio companies and to increase the overall market share for Islamic financial services.”
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Source:www.eyeofdubai.com |
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