Essel Financial Services, an India-based diversified financial services company, is planning to launch a Shariah fund for foreign investors in real estate with a corpus of US$100 million or INR6.2 billion.
Amit Goenka, CEO of Essel Financial, said: "You cannot directly have a Shariah-compliant fund in India. Hence, we are taking the help of Shariah-compliant fund houses in Malaysia and West Asia."
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Goenka added that the Shariah partner will offer the fund on its behalf and once the company gets its license for the offshore fund it was planning, it will bring the Shariah component under its fold.
Essel Financial is looking to invest INR3.5 billion from its domestic fund in the next six weeks in various cities, including Delhi, Bangalore and Mumbai.
The firm has invested a total of INR1.35 billion in projects of realty developer Aristo in the Vile Parle area of Mumbai and Parvsnath’s Exotica project at Golf Course Road in Gurgaon.
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