Financial and Banking News
Al-Baraka Plans Islamic Mutual Fund
The Bahrain-based Al-Baraka Islamic Investment Bank last week paid thecapital of a new subsidiary which is to operate as a mutual fund, run on Islamiclines. Al-Tawfiq Islamic Investment Fund has a capital of $20mn, of which 99.5%is owned by Al-Baraka's Bahrain bank, and 0.5% by its Jiddah-based parent, Al-BarakaInvestment and Development Company.
The concept behind Al-Tawfiq is radical by...