A joint venture between Al Madina Financial and Investment Services and Malaysia's ACA Amanie Al Madina ACA Amanie is planning to form a $50 million Sharia-compliant small and medium enterprise (SME) fund, as part of a major initiative to develop the market for Islamic finance. An initial memorandum of understanding (MoU) was signed between Al Madina Financial and Investment Services and ACA Amanie, which is a joint venture between Korea Finance Corporation and Malaysia's Amanie Advisors.
The fund will provide seed capital for small and medium sized firms in Oman, which use Korean technology. The fund is expected to be operational in the first quarter of next year. "It is a kind of a government-to-government fund. The objective of this fund is to promote Korean technology (in other countries)," Khalid Ali Saif Al Yahmadi, Chief Investment Officer of Al Madina Investment, told Times of Oman.
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