# Fajr Capital

Fajr Capital is a Private Equity based in Dubai, United Arab Emirates.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Dubai, United Arab Emirates
- **Region:** Middle East
- **Address:** Dubai, United Arab Emirates
- **Founded:** 2008
- **Assets under management:** Undisclosed
- **Website:** fajrcapital.com
- **LinkedIn:** https://www.linkedin.com/company/fajr-capital

## Regulatory record

- **Reports private funds:** No

## About

Fajr Capital is a private equity firm focused on Muslim markets. It invests in sectors such as financial services, energy, healthcare, education, and food and beverages. The firm has made 3 investments, including GEMS Education in 2014, and has 2 portfolio exits, including Bank Islam Brunei Darussalam in 2020.

## Sectors

- Education
- Healthcare Services
- Financial Services
- Energy Services
- Consumer
- Infrastructure

## People

- Iqbal Khan — CEO

## Questions

### Who runs investment decisions at Fajr Capital?

CEO Iqbal Khan leads the firm and represents Fajr Capital at major industry forums such as SuperReturn Middle East and the Global Private Capital Conference. Day-to-day investment decisions are taken by a management team overseen by a Board of Directors and a Shari'a Advisory Board, which ensures every transaction complies with Islamic finance principles. The firm has not publicly identified a separate CIO or disclosed the detailed composition of its investment committee.

### How does Fajr Capital source proprietary deal flow?

Fajr Capital's partnership-centric philosophy — 'investing in what we know, where we know, and with whom we know' — points to a relationship-driven sourcing model rooted in its shareholders' sovereign and family-office networks across the GCC and Southeast Asia. This combination gives the firm access to transactions that require a Shari'a-compliant, culturally fluent partner, often in markets where conventional private equity firms face barriers. Consortia, such as the one assembled for the Aster GCC deal, are a repeatable syndication tool.

### Does Fajr Capital participate in fund commitments or only direct deals?

The firm's disclosed activity centers exclusively on direct, control-oriented private equity investments. Confirmed deals such as GEMS Education, Cravia, and the Aster GCC investment are all direct positions. There is no public evidence that Fajr Capital operates a fund-of-funds program or makes LP commitments to external managers.

### What investment stages does Fajr Capital typically target?

Fajr Capital targets buyout and growth-stage opportunities. Its investment approach states it targets 'high-growth companies' and supports their 'long-term strategic, financial and operational development.' The Aster GCC acquisition is a classic buyout, while the firm's earlier investment in GEMS Education was a significant minority growth deal. The firm does not engage in seed or early-stage venture capital.

### Which sectors does Fajr Capital explicitly avoid?

As a Shari'a-compliant investor, Fajr Capital screens out any business that generates material revenue from alcohol, conventional financial services (interest-bearing), gambling, pork-related products, tobacco, and weapons. The Shari'a Advisory Board's governance role ensures these screens are applied at deal origination and monitored through the hold period. Beyond its religious mandate, the firm has not published a separate exclusion list.

## Related profiles

- [Faith Capital](https://altss.com/profile/faith-capital)
- [Falabella Ventures](https://altss.com/profile/falabella-ventures)

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Last updated: 2026-06-03T20:00:00.000Z

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