Cairo-based Ridge Islamic Capital is seeking to buy a local brokerage as part of its expansion plan, so that it can offer a full range of sharia-compliant financial services in the country, a company official told Reuters.
"We want to start providing sharia-compliant brokerage services during the fourth quarter of 2012," Ahmed Rizkallah, country manager of Ridge Islamic, told Reuters on Wednesday.
He said his firm was looking for an established brokerage with a solid reputation and a track record, but declined to name any possible targets or specify a potential deal size.
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