Al Baraka Capital, INVIA launch Sharia-compliant industrial investment fund for small firms
Updated 9/9/2024 8:03:00 AM
Arab Finance: Al Baraka Capital, Al Baraka Bank’s Islamic financial services arm, in cooperation with the fintech firm INVIA, has launched the first Sharia-compliant investment fund to finance small industrial companies, the company’s Managing Director Sarah Hosni told Al Mal News.
In its first phase, the fund will direct EGP 200 million in financing for 20 small businesses in the industrial sector in exchange for a share of the revenues, Hosni noted.
The fund will also provide technical support to these companies, INVIA’s CEO Yehia Ashour pointed out.
However, Al Baraka Capital seeks to increase the fund’s size to around EGP 1 billion by the end of 2025, Hosni said.
The company is in the process of establishing a risk capital firm and is awaiting the completion of procedures via the Financial Regulatory Authority (FRA), she added.
Moreover, the company is working on launching three new sukuk issuances, including two green sukuk issuances, worth EGP 9 billion in early 2025, Hosni told Asharq Business.
The company is also in talks with several institutions to launch a new sports-focused sharia-compliant fund, Hosni noted, adding that the final decision is set to be made by the second quarter (Q2) of 2025.
Related News
