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
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
QNBK 146 157,650
SABIC 96.33 3,214,162
CHUBB 45.26 58,438
CHEMANOL 6.74 1,202,034
SMNP 0.7
UNB 4.3 684,754
EMAAR 7.27 3,316,771
Recent News

Emaar Malls' $800 million bid for Souq.com to challenge Amazon
Dubai's Emaar Malls, operator of glitzy Middle East shopping centers, has made an $800 million offer for regional online retailer Souq.com [IPO-SOUQ.DU], setting up a potential bidding war with Amazo

Saudi Aramco Tax Slashed Ahead of What May Be Biggest IPO
Saudi Arabia slashed taxes by more than a third for state oil producer Saudi Aramco ahead of what could be the world’s biggest initial public offering.

New rates reduce Aramco’s income tax

Foreign direct investment in Oman touches OMR7b
Foreign direct investment (FDI) in the Sultanate at the end of third quarter of 2016 exceeded OMR7.02 billion, according to the National Centre for Statistics and Information (NCSI).

Sect

Capital Market Authority cancels three brokerage licences in Oman
Oman’s stock market regulator Capital Market Authority on Sunday cancelled licences of three brokerage firms – Al Shurooq Securities, Tawasul Financial and Investment Services and Rasmala Investment

Rand rally seen fading by Old Mutual as political risk lingers
The rally that made South Africa’s rand the world’s best-performing currency this year might be nearing its end, according to Old Mutual Investment Group.

The currency gained 10% against the

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

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?