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
SABIC 97.5 1,549,768
QNBK 156.6 307,501
BKMB 0.48 1,815,133
OOREDOO 1220 32,999
RIBL 10.85 325,258
TRADEUNION 19 103,113
EMAAR 7.6 2,257,118
Recent News

Rise in corporate tax to hit net profits, dividends of listed firms
An increase in corporate income tax from 12 per cent to 15 per cent will adversely affect the net profits as well as the ability of listed companies to distribute higher dividends, according to a lea

Ahlibank completes 5-year bond issue raising $500mn
Ahlibank has completed a new $500mn fundraising under its $1.5bn EMTN programme in the international debt capital markets.

The 5-year bond carries a coupon rate of 3.5% and was significantl

Qatar Stock Index Gains 11.67 Points
Qatar Stock Exchange (QSE) index gained 11.67 points (+0.11%) when the bourse closed trading at 10,937.07 points Sunday.

The volume of shares traded decreased to 6,905,628 from 11,240,473

Bank ABC Islamic posts 16pc rise in profit
Bank ABC Islamic today announced that its net profit for the year ending on December 31, 2016 was $22.9 million, 16 per cent higher than previous year’s net profit of $19.7 million.

Net pr

Batelco, Ericsson enter major network deal
Batelco, Bahrain's leading digital communication provider, and Ericsson, a world leading telecoms technology provider, have partnered in a major network deal aimed at transforming Batelco’s Bahrain m

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?