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Khazanah, ADIC, and Brunei Investment Agency to invest in Fajr Capital

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According to the Press Release, “Khazanah Nasional Berhad (“Khazanah”) is pleased to announce that it has committed to invest USD150 million (RM525 million) to acquire a 25% stake in Fajr Capital Limited (“Fajr Capital”), a Dubai-based Islamic investment firm. The acquisition was completed with the conclusion of Fajr Capital’s first round of funding with commitments amounting USD588 million (RM2.058 billion) which has brought together prominent shareholders from key Muslim markets, which includes strategic investors Khazanah and a private firm MASIC (a member of Al-Subeaei Group of Saudi Arabia) and other investors, including the sovereign investment agencies, Brunei Investment Agency and Abu Dhabi Investment Council.

Fajr Capital focuses on providing Shari’ah-compliant financial services and complementary opportunities in the broader economy in major Muslim regions.

According to Khazanah’s Managing Director, Tan Sri Dato’ Azman Hj. Mokhtar, the Government investment arm’s venture into Fajr Capital aims to provide cross linkages between Malaysia and key Muslim markets, laying the foundation for a stronger economic cooperation as well as supporting the aspirations of Malaysian International Islamic Financial Centre (“MIFC”).”

read more: Press Release

Korea’s NPS Invests In Crypto Exchanges Amid Crackdown

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South Korean news outlets have reported that South Korea’s National Pension Service (NPS) has unwittingly invested roughly US$ 2.4 million in four local cryptocurrency exchanges – Korbit, Upbit, Coinplug, and Bithumb – even as regulatory officials move to subdue the unbridled enthusiasm for crypto trading that has flourished in the tiny country. The US$ 550 billion pension scheme invested in the cryptocurrency exchanges indirectly through two venture capital funds handled by external managers with exclusive rights over asset allocation, according to an NPS officer.

Crypto trading has proved wildly popular in South Korea, drawing an estimated one million citizens to the largely unregulated exchanges that have cropped up over the past few years. South Korea, which is ranked first in the world in terms of internet sped, is the largest market for cryptocurrency transactions behind Japan and United States, and accounts for 29.8% of trade globally, according to a report released by the Korea Insurance Research Institute (KIRI) in December 2017.

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Ripple Attempts to go the Central Bank Route

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San Francisco-based Ripple, a tech company that professes the use of blockchain to reboot the payment systems globally, landed a big deal with the Saudi Arabian Monetary Authority (SAMA). Ripple started a pilot program that will be spearheaded by SAMA and a few Saudi banks to deploy xCurrent for cross-border payments. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Investment Corporation of Dubai Eyes $1 Billion Loan Deal

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The Investment Corporation of Dubai (ICD) plans to raise US$ 1 billion in a loan to refinance existing debt. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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