Gulf Shariah-sensitive investment to rise


08/05/2012 11:36 AST

Liquid wealth of Shariah-sensitive investors in the GCC is expected to add more than $70 billion to Islamic funds by 2013, Ernst & Young Islamic Funds and Investments Report 2011 said.

"This, along with the fact that Islamic funds industry had registered a growth of 7 percent in AuM last year - shaking off a period of stagnation - indicates a significant opportunity to harness the full potential of Shariah-compliant investments", David McLean, Chief Executive of the World Islamic Funds and Financial Markets Conference, said ahead of the 8th Annual World Islamic Funds and Financial Markets Conference (WIFFMC 2012) to be held in Manama on May 20-21.

"With key markets for Islamic finance, especially in Asia and the Middle East, now facing escalating infrastructure and development needs backed by solid economic growth, and the outlook for global lending markets still remaining uncertain, Islamic investments will play a key role in funding these multi-billion dollar projects given the fact that the global liquidity pool continues to shrink. Governments in various key markets are making moves to create a more attractive investment climate for Shariah-compliant finance and are forging greater co-operation between each other and multilateral agencies to attract investments," he noted.

Abdul Rahman Mohammed Al Baker, Executive Director, Financial, Islamic Funds and Investments, said "the increasing interest in Islamic finance in major markets across the globe presents a unique opportunity of expanding the global footprint of the Islamic investments industry. It is therefore important to ensure that the Islamic funds and investment industry has solid and strong foundations for future development and growth.”

“In addition to enhancing the innovations of new Islamic instruments and encouraging more spending in research and development, it is also essential that the Islamic financial institutions develop strategic alliances with other financial institutions globally, especially in the area of products structuring and offering,” he added.

Saudi Gazette
Economic and Business News
2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | News Archive
Most Viewed Companies
Ticker Price Volume
SAGRINSURANCE 29.91 104,296
SABIC 93.8 3,597,712
STC 67.77 570,542
JULPHAR 2.6
EEC 31.18 15,012,922
CHEMANOL 11.21 1,391,250
TAWUNIYA 102.9 363,266
Recent News

Saudis to raise September oil price, but wary of losing market share
Saudi Arabia is expected to raise prices for crude it sells to Asia in September due to a stronger Dubai benchmark, traders and analysts said on Monday, adding that the top oil exporter will be wary

Aramex to implement crowdsourced courier model
Shipping giant Aramex is preparing to roll out a pair of mobile phone apps that promise to bring clients and couriers closer together, as the company tests a crowdsourced package delivery service in

SFC Announce the appointment of Waleed Fatani as CEO
Saudi Fransi Capital has appointed Mr. Waleed Fatani as a Chief Executive Officer. In this regard, Chairman of the board Mr. AbdulAziz Al-Rashid commented "The appointment of Mr. Fatani is a distinct

Saudi Arabia’s Mobily Slumps to 6-Year Low After Trading Resumes
Etihad Etisalat Co. shares fell to the lowest level in more than six years as the Saudi Arabian phone operator resumed trading following a two-month suspension.

The stock retreated 7.8 perce

Euro hits session lows as Athens stock market slumps
The euro turned lower against the dollar on Monday as the Greek stock market posted steep losses in the first day of trade following a five-week shutdown after capital controls were imposed to preven

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Which of the following do you think is the best long-term investment?