Tunisia’s largest Sharia-compliant investment fund launched

KIPCO CEO-Banking & UGFS-NA Board Member, Mr Masaud Hayat (far left) and Vice Chairman & MD of TIB and Chairman of UGFS-NA, Mr Mohamed Fekih (second from left) at the launch ceremony.

United Gulf Financial Services – North Africa has announced the launch of its ‘Themar Investment Fund’, the Islamic Sharia law compliant fund. It has a capital of TND 50 million (approximately US$ 32 million), to be financed by the Islamic Corporation for the Development of the Private Sector and the Deposits and Securities Fund of Tunisia.

UGFS – North Africa is an investment company based in Tunisia. It is a subsidiary of the Bahrain-based United Gulf Bank, a member of the KIPCO Group.

Themar is the largest Sharia-compliant Tunisian investment fund under the Tunisian Monetary Authority. The fund targets small and medium Tunisian institutions seeking financing in different business sectors that support the Tunisian economy. Priority is given to existing and restructured projects in urban areas.

The fund will provide financial resources to institutions with high growth potential, through enhancing their financial sustainability, as well as their human and operational resources.

Mr Mohamed Fekih, Chairman of UGFS – North Africa, said:

“Themar Investment Fund will contribute to boosting the Tunisian economy and diversifying it. It will also help create up to 1000 new job. The success of the fund will serve to increase Foreign Direct Investment and further develop Islamic banking in the country.”

Source: Zawya.Com – Press Release – 13 February 2013