Tripoli, 26 January 2013:
Konooz Investment Holding Company has announced it has obtained an initial permit from the Libyan Stock Market, to . . .[restrict]establish the first Islamic investment fund in Libya, with a capital of LD 500 million.
The company is now awaiting the final approval from the Libyan Central Bank to launch the fund, which aims to make investments in urban real estate throughout Libya, but especially in Benghazi, which, it said, is in desperate need of developments such as markets and hotels.
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.