TRIPOLI: Libya will list by March its first real estate investment fund compliant with Islamic law, one of the arrangers said yesterday, seeking to open up a new market in the North African country.
Libya plans to transform its banking and economic system to comply with Islamic law although officials have not set out a timeline for the process. Under a parliamentary ruling, interest payments must stop being paid out by 2015.
A group of private firms plan to launch a fund for 165m Libyan dinars ($134m) to target the country’s property market, said Husni Bey, head of HB Group, one of the fund’s launchers.
HB is one of Libya’s biggest private conglomerates distributing several Western brands as well as offering financial services.
“It will be a real estate fund … mixed of commercial, residential, industrial (property),” Bey told Reuters, adding that the fund will target a return of around 20 percent.
The fund will be listed in February or March on the small Tripoli bourse. The stock market confirmed the fund launch. Reuters