Riyadh – Mubasher: Al Moammar Information Systems Company (MIS) has penned a memorandum of understanding (MoU) with Al Rajhi Capital to launch a Sharia-compliant investment fund.

The fund will be set up at an initial amount of SAR 1 billion as a first phase, in accordance with the Investment Funds Regulations (IFR) of the Capital Market Authority (CMA), according to a bourse filing on Monday.

The two parties penned the 120-day agreement on 29 August 2021, yet MIS said the financial impact cannot be determined at the current period.

The listed firm and Al Rajhi Capital aim to achieve regular income for investors through financing and operational leasing of technology and digital infrastructure and medical equipment by establishing this fund.

MIS will be the marketer, supplier, implementer, and exclusive operator of the fund's projects, which will serve the governmental, semi-governmental, and private sectors in Saudi Arabia.