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Ridge Capital to launch $150m Islamic fund

Egypt-based Ridge Islamic Capital has unveiled plans to launch the first dedicated Islamic fund of funds in the Middle East by the end of 2013, Reuters has reported. With an initial capital base of $150m, the Bahrain-domiciled fund will invest across a pool of Shari’ah-compliant funds around the world. Ridge Islamic, a unit of Angola-based Ridge Solutions, will contribute $15m to the fund’s capital, said Ahmed Abdel Ghani, executive board member and head of business development.