Saudi Arabia: Qatar First Investment, Gulfmena to set up sharia-compliant JV.

By bne IntelliNews September 21, 2010
Qatar First Investment Bank (QFIB) and asset management company Gulfmena Alternative Investments plan to establish a sharia compliant asset management firm, the companies said in a joint statement. The new company is expected to start its operations in Q4 and will cater to qualified investors such as Islamic banks, foundations and charitable organisations. Demand is increasing on Islamic finance and the current USD 52bn market, as estimated by Ernst and Young, is expected to rise further in the next couple of years as more investors demand asset management tools which are compliant to Islamic laws, especially in the MENA region.

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