More jurisdictions came to the fore last week in the Islamic investment arena, highlighting the expansive impact of this industry.
Meethaq Islamic Banking launched an equity fund that invests in Oman and the GCC market. The Manulife Shariah Global REIT Fund, established in 2019 and operated out of the US, is now offered in Brunei by BIBD Securities.
UK investment manager Channel Capital launched its asset-backed private credit strategy Corniche I – focusing on companies in the innovation economy, including those operating in the digital or data, technology, consumer products, life sciences and e-commerce industries.
The Saudi Capital Markets Authority approved the public offering of Al Rajhi Endowment Fund by Al Rajhi Capital. Gulf Bank secured a marketing license for a collective investment system established outside Kuwait, to market 400 student housing units in a US portfolio.
Deals-wise, Bahrain’s Eskan Bank acquired another 1.66 million units of Eskan Bank Realty Income Trust in a secondary offer period, raising its control to 46.66% of the trust’s total units.
Saudi Arabia’s Derayah REIT leased a tower located in Al Olaya District in Riyadh to a master tenant for a period of 15 years, while SNB Capital, fund manager of AlAhli REIT Fund (1), announced the expiry of Salama Tower’s lease. This Jeddah property is taken over by a third-party property manager.
Alternate investments saw the Iran Center for Exchange of Currency & Gold hold its 40th auction of gold bullion on the 4th August 2024 – when 567 kilograms of standard gold bullion with a minimum purity of 995 per thousand were traded.
Shariah certifications were announced for the Mercan Private Equity Fund I offered from Canada and the UK’s token outfit IOTA Ecosystem DLT Foundation.
The Indonesia Stock Exchange added Global Sukses Digital as a new constituent to the Indeks Saham Syariah Indonesia after the Financial Services Authority of Indonesia or Otoritas Jasa Keuangan (OJK) certified this camera store and also food supplier Esta Indonesia as being Shariah compliant.
Significant appointments include Rizal Fauzi as new CEO at Malaysia Debt Ventures effective the 1st August 2024, succeeding Nizam Mohamed Nadzri, while law firm Dechert appointed Amanjit K Fagura as a partner for its financial services practice group in the Dubai office.
Egypt reappointed Dr Mohamed Farid Saleh as chairman of the Financial Regulatory Authority for another year effective the 7th August 2024. On a sad note, the Islamic finance community mourned the passing of Wan Abdul Rahim Kamil Wan Mohamed Ali, a distinguished consultant and influential figure, on the 5th August 2024.
