Noor Bank, a sharia-compliant institution based in Dubai has raised $176 million for the Rasmala Long Income Fund.
The fund is described by Noor as the first Islamic finance instrument to invest in long-lease and ground-rent real estate markets in the UK and Europe.
According to the bank’s head of retail banking, Mufazzal Kajiji, the fund was created to cater for the growing demand among its clients for investment opportunities in the UK real estate market.
It is also in line with the bank’s plan to develop and alternative income-focused investment strategy.
“Serving our high-net worth clients is a key focus for us and we regularly identify new opportunities to provide quality and efficient solutions for this segment,” he said.
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