Injazat Capital licenced as an authorised firm
Dubai, 5th April, 2006
Injazat Capital, the pioneering Islamic Investment Bank in the Middle East and North Africa region, has been granted a licence by the Dubai Financial Services Authority (DFSA) to operate as an authorised firm in the Dubai International Financial Centre (DIFC).
Welcoming Injazat Capital, Dr Omar Bin Sulaiman, Director General of DIFC Authority, commented:
"One of the key objectives of the Dubai International Financial Centre is to help in the development and further the cause of Islamic finance banking. Our newest partner Injazat Capital has established itself as a pioneer in the Islamic investment sector and we look forward to working together in developing and bringing new Shariah compliant products to the region.
"Injazat Capital has also been involved in offering help to start up companies. The DIFC shares a common goal here with Injazat Capital - to promote young Arab entrepreneurs and assist them in establishing their projects. There are a lot of talented people out there who have all the necessary ingredients to establish successful business ventures. We look forward to their success and the success of our partner companies."
Hussein Rifai, Managing Director of Injazat Capital said: "We are delighted to have received this licence from the Dubai Financial Services Authority, which highlights our commitment to the growth and development of this region's corporate sector.
"The DFSA's effective regulatory framework, combined with the DIFC's robust infrastructure, provides us with an excellent environment in which to extend the portfolio of expert investment and advisory services we offer to start-up companies in the Information Technology, media, and communications and healthcare sectors.
"Our presence at DIFC will go a long way in promoting the development of an economic eco-system that will enable entrepreneurs and business leaders with the requisite vision and capabilities, to build successful enterprises," he added.
Injazat Capital is one of the region's leading and experienced investment bank, operating in compliance with Shari'ah principles and specialising in private equity, venture capital and sophisticated Islamic Transactions. Injazat Capital manages two funds the US$ 50 million venture capital Technology Fund targets technology, media and communications companies; and the US$ 100 million Shefa Healthcare Fund invests in healthcare providers and ancillary services across the MENA region.
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Notes to Editors:
Injazat Capital is a leading Investment Bank in the MENA region. Since its inception, Injazat has played an active role in the development of the MENA region by investing in and advising promising companies. Injazat operates in compliance with Shari'a principles and were the first to offer an Islamic Venture Capital Fund worldwide. Injazat Capital has established itself as one of the most active participants and successful firms in the industry throughout the MENA region.
About the DIFC: The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just over one year, more than a hundred top international institutions have joined the DIFC as members. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modelled on that used in London and New York, and its regulatory regime operates to standards that meet or exceed those in major financial centres. (www.dfsa.ae)
3. The Dubai International Financial Exchange (DIFX) - A liquid and transparent electronic market trading securities, bonds and derivatives, launched in September 2005, the DIFX eases access to regional and international investment opportunities and funds. (www.difx.ae )
4. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The laws, enacted by His Highness Sheikh Maktoum bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, provide for a new court system designed especially for the DIFC and the sophisticated transactions that will be conducted within it.
The law establishing the Judicial Authority at the DIFC creates and sets out the jurisdiction of the court and provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC; and
The DIFC Courts Law sets out the jurisdiction, powers, procedures, functions and administration of the court. ( www.difccourts.ae )
For further information contact:
Amira Abdulla
PR Manager, DIFC
Tel: +971 4 362 2433
E-mail: Amira.abdulla@difc.ae
Tim Harrison/Lavina Chatterjee
Asda'a Financial Practice
Tel: + 9714 3355969
Mob: 050-5097631; 050-4506911
Email: tim.harrison@asdaa.com
l.chatterjee@asdaa.com
© Press Release 2006
