Injazat Technology Fund, the first Islamic venture capital firm in the MENA region recently signed an initial investment contract with Waseel, the leading medical insurance Application Service Provider (ASP) in Saudi Arabia. The agreement was signed based on a Waseel’s recent evaluation at 50 million Saudi Riyals and provides Injazat an equity stake in Waseel.
The contract was signed by Ali Al-Sobaihen, Chairman of Waseel, Wassim
Khashoggi, CEO of Waseel and Hussein Rifai, CEO of Injazat.
Hossein Rifai, CEO of Injazat, said: “Our interest in developing the growing information technology sector in the area has encouraged us to contract with Waseel especially because it is such a promising and unique company in that sector.”
“Injazat’s contribution in Waseel targets support for Waseel’s service expansion to cover the entire Middle East. Waseel services are not geographically constrained due to its internet based technology, which makes it easy for the industry to derive benefit. One of the major focuses of Injazat is to support the development of technology initiatives such as Waseel,” added Hossein.
Wassim Khashoggi, CEO of Waseel, stated, “Injazat Technology Fund’s investment in Waseel is an important step that will contribute and strengthen Waseel’s position among the biggest technology companies in the region.
Furthermore, it is an invitation to the medical and insurance sectors to invest in Waseel. This move will support our role in forging a strategic alliance between healthcare providers and insurance companies in Saudi Arabia. The expansion in use of Waseel’s service will surely help improve the health care provided to all insured members.”
Recently Waseel won the “Best Technological Innovation Award” in Arab Health Congress, Dubai, 2004. Waseel uses one of the best high-availability storage technologies, Veritas, and SSL2 encryption to provide data security end to end through Waseel’s portal.
Injazat Technology Fund is a US$ 50 million venture capital company established to invest in companies which significantly contribute to the growth and development of the IT and technology sector in the region.