Egypt’s Ridge Capital to Launch Fund For Default Firms by Q4

Ridge Islamic Capital, a Sharia- compliant investment bank, is seeking to finalize within the fourth quarter of 2013 the inception of its new mutual fund designated for development the firms in default.

Ahmed Rizkallah, Country Manager of Ridge Islamic, told Amwal Al Ghad on Thursday that his firms is currently in intensive talks with the country’s major banks which own portfolios for the defaulted firms.

The new fund shall work on boosting up the defaulted firms, notably the SMEs which enjoy investment opportunities so as to get through the current state of insolvency, Rizkallah added.

The firm was launched on Wednesday after Dubai-based regional investment company Ridge Solutions International Holdings, which is providing the $100 million, acquired Egyptian investment banking and asset management firm El Rashad.