Sept. 7 (Bloomberg) -- Elaf Bank B.S.C., a Bahraini Islamic investment bank, and Dubai-based asset manager Algebra Capital Ltd. are seeking to raise $100 million for a new sukuk fund to tap the Islamic bond market. As much as 30 percent of the fund's initial capital will be invested in markets outside the Middle East, such as Malaysia, Indonesia and Thailand, Mohieddine Kronfol, managing director of Algebra, said today in a phone interview from Dubai. The global sukuk market now exceeds $100 billion, and the Middle Eastern and North African regions make up a third of it, Kronfol said.
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