To capitalise on the expanding healthcare industry, financial services company Alkhair Capital Dubai has established a $100 million Islamic fund.

To capitalise on the expanding healthcare industry, financial services company Alkhair Capital Dubai has established a $100 million Islamic fund.

In addition to producing an annual return of 6% to 12%, its goal is to alleviate the delays that hospitals and other healthcare facilities have in the processing of payments related to medical claims. "Strategic allocation" will be used to distribute the investments throughout short- to medium-term timeframes.

Processing medical claims worth $1.2 billion is a challenge for the UAE's healthcare system. "On average, healthcare facilities experience a 112-day delay in receiving 90% of their insurance company payments," stated Alkhair Capital CEO Naveed Aurakzai.

"We established this investment fund primarily to tackle one of the industry's most significant obstacles, which is estimated to involve $100 billion in GCC spending."

To achieve the fund's goals, the company has partnered with Fintech Klaim Technologies, a leader in AI-powered solutions for evaluating insurance claims.

"We want to optimise and expedite the claims process, enabling timely payments to medical facilities by leveraging our AI-driven insurance claims assessment technology," stated Karim Dakki, CEO of Klaim.