Abu Dhabi, Malaysia Set Up $600 Million Islamic Finance Company

Malaysia, Brunei and Abu Dhabi’s sovereign funds have set up an Islamic investment company with about $600 million in capital to seek opportunities in financial services.

Fajr Capital Ltd.’s investors include Khazanah Nasional Bhd. of Malaysia, the Brunei Investment Agency, the Abu Dhabi Investment Council and a private Saudi Arabian firm The Mohammad & Abdullah al-Subeaei Investment Co., the company said in a statement today.

Based in the tax-free Dubai International Financial Centre, Fajr also has offices in Kuala Lumpur and London. Its board is headed by Sheikh Ebrahim Bin Khalifa al-Khalifa, chairman of the Accounting and Auditing Organization for Islamic Financial Institutions, while Iqbal Khan, founder of HSBC Holding Plc’s Islamic banking unit, is chief executive officer.