Ridge Islamic Capital, a Sharia- compliant investment bank, said it plans to conclude the acquisition deal of one of the securities firms in the Egyptian market before the end of the current year.
Ahmed Rizkallah, Country Manager of Ridge Islamic, stated that the firm held talks with around 10 small and medium-sized companies for the purpose of adding sharia-compliant brokerage services to its current offering of asset, wealth and fund management.
Rizkallah further added that currently the firm make a choice between three to four firms, then it would sign the acquisition deal by the end of this year. Afterwards, the firm would go for the rest of procedures so as to start the brokerage business.
Rizkallah noted that the firm’s new sharia-compliant brokerage services will be based on identifying the companies’ investment activities alongside their financing sources.
