Egypt-based Islamic finance firm eyes $100 mln investment

Egyptian company Ridge Islamic Capital has announced to have $100 million which it plans to use for raising its capital and investing in funds over the following two years. Thus, it shall take advantage of the growing Islamic financial market. After Dubai-based Ridge Solutions International Holdings, the company for regional investment which provided the money for Ridge Islamic Capital, acquired Egyptian investment banking and asset management firm El Rashad, Ridge Islamic Capital was launched on Wednesday. Even though El Rashad uses conventional financial operations, Ridge will convert its assets in sharia compliant ones over a period of about two years. Future investments are all to be subject to Islamic principles.

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