Egypt’s Ridge Islamic Capital is planning to launch a new Islamic fund of funds in the Middle East by the end of 2013, with an initial capital base of US$150 million.
The Ridge Islamic fund will be domiciled in Bahrain and will invest across a range of Sharia-compliant funds globally, according to Reuters.
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The publication quoted Ahmed Abdel Ghani, executive board member and head of business development Ridge Islamic, saying that Ridge Islamic will provide US$15 million to the fund’s capital.
The new Islamic fund, which was scheduled to launch in June this year, will be US dollar-denominated and use controls designed to reduce risk, including exposure caps by country, sector and asset class.
The fund will be managed by a three-member Sharia board that includes critics from Egypt, Saudi Arabia and Bahrain.
Since 2011, around 88 smaller and less viable Islamic funds have been liquidated worldwide.
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