According to a report from Libya Herald, a company called Konooz Investment Holding Company [Kunooz?] has announced it has obtained an initial permit from the Libyan Stock Market to set up the first Islamic investment fund in Libya.
The company is now said to be awaiting final approval from the Libyan Central Bank to launch the fund, which has a planned capitalisation of LD 500 million ($400m)
The fund aims to make investments in urban real estate throughout Libya, but especially in Benghazi.
The fund is to be open to all Libyans and foreigners residing in Libya, as well as Libyan and overseas banks, though foreign holdings will be limited to LD 245 million, 49 percent of the fund’s total value.
(Source: Libya Herald)
