Islamic Finance Industry
Islamic Finance Industry
Private Equity to Fund Islamic Finance Industry
An interesting talk recently took place centering on Islamic finance and how private equity firms can better understand Sharia concepts in order to succeed in this area. Buyout firms are likely to be a critical factor in developing the Islamic finance industry, according to Harris Irfan, head of Islamic Products at Barclays Capital, pictured left, talking at the Reuters Islamic Banking and Finance Summit.
Like most parts of the world, the private equity market in the Middle East came to a standstill in 2009 as liquidity conditions and deal opportunities dried up.
“Private equity is going to be a big boom area,” said Harris Irfan, head of Islamic Products at Barclays Capital, speaking at the Reuters Islamic Banking and Finance Summit.
“The capabilities of producing sharia- compliant private equity funds are actually very limited in the market despite the fact that people talk about private equity and Islamic finance as a natural fit.”
Irfan said he hopes to see private equity fund managers get comfortable with sharia concepts to create a space for such funds to operate in.
“The reality is executing a sharia-compliant private equity fund is very different from visualizing it.”
State-owned Abu Dhabi Invest AD said in October it was planning an Islamic private equity fund. Source
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Tags: Islamic Finance Industry, Islamic Finance Industry private equity, private equity firms, buyout firms, islamic finance, sharia concept, private equity firms in the Middle East
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