The National Bank of Kuwait (NBK) has announced the launch of a Shariah-compliant real estate fund to invest in Turkey. NBK Capital's CEO Salah Yousef Al Fulaij said that the fund will give the bank's clients access to a diversified portfolio of development and value-added real estate projects in Turkey. The fund will also invest to a lesser extent in the Middle East and North Africa (MENA) region.
The National Bank of Kuwait (NBK) has announced the launch of a Shariah-compliant real estate fund to invest in Turkey. NBK Capital's CEO Salah Yousef Al Fulaij said that the fund will give the bank's clients access to a diversified portfolio of development and value-added real estate projects in Turkey. The fund will also invest to a lesser extent in the Middle East and North Africa (MENA) region.
The fund, governed by the principles of Islamic law, will invest in residential, office, retail and warehouse developments. Al Fulaij added that the fund is a long-term investment vehicle designed to achieve an expected net Internal Rate of Return (IRR) of 18-20% per annum. The fund's lifespan will be between four and seven years. The minimum investment in the fund is $250,000. The offering period runs from 17 February to 19 March 2008.
