The fund is a milestone in promoting Sharia-compliant and ethical investments in the Western world
Ethos Invest, based in the UK, has launched its Financial Services & Technologies Fund, which will seek to raise £1bn in funds for private equity investments in sharia-compliant and ethical SMEs.
The fund will be the first of its kind and will invest in disruptive financial services companies.
While most of its capital will be deployed in the UK, there will be additional investments across Europe, Asia and North America.
“The uniqueness of the Fund is that it bridges the gap for private equity funds between the UK and other Islamic countries such as Saudi Arabia,” said Abdullah Medallah at Abdullah Medallah & Co. LLP who acted as a Legal Counsel.
The fast-growing Sharia-compliant investment industry is available across 80 countries but remains in relative nascence in Western markets.
This fund is a milestone in promoting Sharia-compliant and ethical investments in the Western world.
Shariah-compliant funds are investment funds that follow by the rules of Shariah law and the principles of the Islamic religion more generally.
“The fund brings together a team of experienced investment professionals, the Al Inma Investment Company, BMO Global Asset Management’s private equity team and Vistra, who serve as the Fund’s administrator,” Ethos Invest said in a statement.
Dr Quintan Wiktorowicz, partner at Ethos Invest, expressed delight at the launch of the fund:
“The Ethos team is excited to launch this Fund which represents a real milestone for Islamic and ethical finance in the UK and around the world. SMEs with strong ethical credentials are vital as we look towards a brighter future for the global economy and ensuring that these companies have access to capital is key. The Fund will ensure that this is taking place, especially in the Financial Services and wider technology spaces, and we look forward to partnering with many exciting businesses.”