The Islamic Globe article about AFIG Funds and Drill Corp partnership

From Mauritius to Mauritania

Mauritius private equity fund management company, Advanced Finance & Investment Group is providing $8m for Mauritania’s Deep Drilling Company to procure more equipment for mineral exploration in Mauritania and West Africa.

Half the Shari’ah compliant investment is in the form of ordinary shares with the other half Murabahah-based.

AFIG COO Patrice Backer told The Islamic Globe that the capital comes from AFIG’s conventional equity fund Atlantic Coast Regional Fund, but as AFIG’s target African region includes several Muslim-majority countries the company will provide Shari’ah compliant investments, and restructure conventional funds when necessary, to meet demand.

AFIG was founded in Mauritius with offices in Dakar, Johannesburg and Washington DC. Its ACRF is funded by three European institutions, one World Bank member financier, African Development Bank, and Africa RE.

Wednesday, 14 September 2011 by Emmy Abdul Alim