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Shariah lenders team up to fund Iraq’s promising food sector

Posted on 10 April 2013

A private bank in Iraq has become the first among its peers to launch a local fund that will be marketed to foreign investors and regulated outside the country. Iraqi Islamic Bank for Investment and Development, the country’s oldest Sharia-compliant private lender, has teamed up with a Bahraini bank to develop an investment vehicle that will target one of Iraq’s lucrative and promising sectors - food.
With a population of more than 31 million people, the fund has already acquired sizeable interest from Arabian Gulf and European investors, prompting the Iraqi lender to increase the size of the vehicle from US$50 million (Dh183.6m) to $75m………………………………………..Full Article: Source

 
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