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Egyptian Investment Firm Seeks To Unveil Shariah Brokerage Services In Q4 - Report

Eliane Chavagnon London 27 September 2012

Egyptian Investment Firm Seeks To Unveil Shariah Brokerage Services In Q4 - Report

Cairo's Ridge
Islamic Capital
is looking to acquire a local brokerage to offer a range
of Shariah-compliant financial services in the country, including products in the areas of
wealth management and pension funds, Reuters
reports.

“We
want to start providing Shariah-compliant brokerage services during the fourth
quarter of 2012,” Ahmed Rizkallah, country manager of Ridge Islamic, reportedly
told the newswire. However, Rizkallah declined to name any possible targets or
specify a potential deal size.

Ridge
Islamic was formed this year through the acquisition by Dubai-based Ridge
Solutions International (of Egyptian asset management firm El Rashad Holding), the report said.

In related news - and, as also mentioned by the newswire, in a sign that prospects for Islamic finance within the country seem to have improved - Baring Asset Management recently said that the equity markets in the Middle
East and North Africa have borne up well in recent months. The firm noted how the MENA region, for example, has significantly outstripped its wider
frontier markets cohort this year, despite economic/political troubles in countries like Egypt and Syria. 

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