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(DUBAI) Malaysia, Brunei and Abu Dhabi's sovereign funds have set up an Islamic investment company with about US$600 million in capital to seek opportunities in financial services. Fajr Capital Ltd's investors include Khazanah Nasional Bhd of Malaysia, the Brunei Investment Agency, the Abu Dhabi Investment Council and a private Saudi Arabian firm The Mohammad & Abdullah al-Subeaei Investment Co, the company said in a statement yesterday.
Based in the tax-free Dubai International Financial Centre, Fajr also has offices in Kuala Lumpur and London. Its board is headed by Sheikh Ebrahim Bin Khalifa al-Khalifa, chairman of the Accounting and Auditing Organization for Islamic Financial Institutions, while Iqbal Khan, founder of HSBC Holding Plc's Islamic banking unit, is chief executive officer.
'The global financial crisis has highlighted the need for an ethical and community-based approach to investment,' Mr Khan said in the statement. Fajr aims 'to increase the overall market share for Islamic financial services', he added. -- Bloomberg
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