Alkhair Capital Launches a $100 Million Sharia Healthcare Fund
Asset manager Alkhair Capital, headquartered in Dubai, has unveiled an Islamic fintech fund with a primary focus on the healthcare sector. Named the Alkhair Capital Healthcare Sector Fund, this Sharia-compliant fund operates as an open-ended vehicle and is domiciled within the Dubai International Financial Centre (DIFC).
The fund is poised to achieve a target size of $100 million.
Alkhair Capital has entered into a partnership with Dubai-based insurtech firm Klaim Technologies. This collaboration aims to identify and explore promising use cases within the healthcare sector.
Among these initiatives is the application of artificial intelligence to expedite the processing of medical claims. Alkhair's internal analysis has revealed that the healthcare sector in the UAE grapples with $1.2 billion worth of medical claims currently mired in processing.
One of the contributing factors to the delay in processing can be attributed to the remarkable growth experienced in the healthcare sector within the region.
Naveed Aurakzai, the CEO of Alkhair Capital Dubai, highlighted this surge and expressed confidence in the Alkhair Healthcare Fund's ability to address challenges related to liquidity and extended working capital cycles. These challenges have been posing obstacles to the profitability and expansion endeavors of medical facilities in the area, he noted.
Source: Nik Pratt for Funds Global MENA