Kipco Asset Management Company (Kamco) has launched a new Islamic investment company.

The Al Raya Investment Company (Closed) was started with the private placement of 170 million shares. The company is now under Incorporation at a price per share of 100 Kuwaiti fils plus 5 Kuwaiti fils per share (5 per cent) subscription fee, said a statement.

Al Raya is a private company that will be incorporated under Kuwaiti company law as a Kuwaiti closed shareholding company, and will be registered with the Central Bank of Kuwait as an Islamic Investment Company, it said.

The company is to be established with a paid-up capital of KD17 million divided into 170 million shares. It will primarily be targeting international investors in developed markets interested in products and services relating to Shariah compliant international asset management.

“Al Raya Investment Company aims to be the first and most comprehensive Islamic investment company in Kuwait and the GCC region with a clear focus on international Islamic asset management products and services,” said Hazem Al-Braikan, chairman of the Founders’ Committee.

Primarily, the company will target international equities, asset management, alternative investment products, advisory services and portfolio management segments of the market. In addition to its primary focus on International Islamic investments, in the longer term it will also aim to offer the full range of Shariah compliant investment products, he said. – TradeArabia News Service