Two firms from Kuwait and Saudi Arabia have launched a joint $200 million fund for Islamic investment in Japanese markets, the managing director of Kuwait's International Investment Group (IIG) said Sunday, January 7.
The new fund, which IIG launched with the Saudi Faisal Financial Establishment, has targeted medium to long-term investment based on Islamic Sharia law, Sami al-Bader said, quoted by the official KUNA news agency.
It will invest in "a diversified portfolio of listed shares on the Japanese Stock Exchange and the spot market," Bader said.
"The fund provides important opportunities for investors to benefit from expectations of a real recovery for the Japanese economy after years of recession," he said.
IIG, with a paid-up capital of $75 million, was established in 1993 to manage assets in foreign markets based on Islamic sharia. It manages assets worth an estimated $700 million.
Faisal Financial Establishment, a subsidiary of Islamic Finance House, runs assets worth $600 million. The fund is the first joint venture between two Islamic investment firms. —(AFP)
© Agence France Presse 2000
© 2001 Mena Report (www.menareport.com)
