Qatar Islamic Bank (QIB) has revealed plans to launch real estate funds to invest principally in the London and Asian markets.
The bank has earmarked around $200-300 million for the funds, which it hopes to launch in this quarter, Gulf Time reports.
“Real estate products are to be launched in the third quarter which will further (strengthen) our profitability,” says QIB chief executive officer Salah al-Jaidah. “We are looking at London and other real estate markets within Asia.”
The announcement of the proposed funds comes at a time when a number of other hedge fund companies have experienced severe losses as a result of exposure to the beleaguered US sub-prime mortgage market.