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Tuesday, February 27, 2024

Alkhair Capital Launches $100M Islamic Healthcare Fund in Dubai

Alkhair Capital Dubai, a leading Shariah-compliant financial services firm, has launched the Alkhair Capital Healthcare Sector Fund, a $100 million Islamic healthcare liquidity fund domiciled at the Dubai International Financial Centre (DIFC).

This open-ended fund is designed to invest in AI-driven healthcare enterprises. Alkhair Capital has partnered with Klaim Technologies, a fintech firm specializing in AI-powered insurance claims assessment, to manage the fund proactively.

Naveed Aurakzai, CEO of Alkhair Capital Dubai, emphasized the fund’s role in addressing liquidity challenges and extended working capital cycles in the healthcare sector, which hinder profitability and expansion.

According to internal analysis, the UAE health sector currently has $1.2 billion in pending medical claims, with an average delay of 112 days in receiving 90 percent of payments from insurance companies. The Alkhair Healthcare Fund aims to tackle this formidable challenge within the sector, estimated at $100 billion in GCC spending.

Aafaque Muamber, Principal of Private Equity at Alkhair Capital Dubai, highlighted the fund’s low volatility and income generation, targeting an annual return of 6 to 12 percent. The fund will strategically allocate investments across short to medium-term durations to balance liquidity requirements and favorable returns.

Karim Dakki, CEO of Klaim, stressed their partnership’s significance in resolving healthcare sector liquidity challenges. Leveraging AI-driven insurance claims technology, the collaboration aims to optimize and accelerate claims processing, ensuring prompt payments to medical facilities and contributing to transformative solutions in the healthcare sector.

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