Bahrain-based Khaleej Finance and Investment (KFI) has partnered with two Kuwait-based investors, Kuwait Investment Company (KIC) and Kuwait Finance House (KFH) to manage and promote the Indian Private Equity Fund, a Sharia compliant $200 million (€149 million) fund that will target real estate and industry in India.
KFI chief executive officer Nabil Hadi said in a statement that the partnership represents a strategic change in direction for the firm as the bank goes beyond the regional level and makes a push for India, which he called one of the most dynamic foreign investment destinations in the world. GDP is expected to reach $800 billion by the end of 2007.
KFI is an Islamic fund investing solely in Sharia-compliant assets. Investors in the firm include the Bahrain Islamic Bank, General Organization for Social Insurance and Gulf Finance House in Bahrain, Gulf Investment House, Kuwait Finance House, Kuwait Awqaf and Public Authority for Minors Affair in Kuwait, and Dubai Islamic Bank in the United Arab Emirates.
The global Islamic finance industry, valued at $800 billion, is growing by an estimated 15-20 percent each year, according to Corecap, a Gulf investment and advisory firm.