Investec enlists Saudi firm for Africa-focused Sharia fund
Investec Asset Management and a Saudi investment house are teaming up to launch a fund that will be compliant with Islamic law and invest in African equity markets, according to a report in Financial Times.
The fund, which aims to raise more than $100m (€63m) in the first year, will be the first Sharia-compliant fund in the Middle East that will specialise in Africa.
Investec, based in Johannesburg and specialising in African and frontier investment, will manage the fund and be responsible for stock selection, while Jadwa Investment, a Riyadh-based company, will raise the funds and advise on whether stocks are Sharia compliant.
Jadwa, which was set up last year, has about 5.2bn riyals (€890m) under management and is looking to expand its stable of Islamic products for both the Saudi and international markets.
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