Dubai Islamic teams up for halal ventures
Dubai Islamic Investment Group and two partners will establish a firm to look for halal investment opportunities, the company's managing director said yesterday.
Marwan Hassan Al Khatib said the company's partners in the venture are Malaysia's Pilgrim Fund, a state fund that helps its country's Muslims save for their Haj pilgrimage to Makkah, and Malaysian state-owned Halal Industry Development Corporation.
Dubai Islamic, a Shariah-compliant investment company, is part of the Dubai Group, a financial services firm focusing on banking investments and insurance.
Khatib said the new company would invest in agriculture, food processing, restaurants, grocery companies and the creation of hypermarkets.
The company is expected to be established before the end of the year, he said.
"We are trying to identify the best possible investment opportunities," he said on the sidelines of a halal forum.
"As long as the investment criteria justifies the capital or investment needed, there should be no problem."
Halal, an Arabic word meaning permissible, strictly forbids consumption of pork and alcohol and stresses investments must meet ethical Islamic standards and avoid industries that involve usury and gambling.
Islamic assets are growing at an rapid annual pace of about 20 per cent and are set to hit $2 trillion (Dh7.34trn) in 2010 from $900 billion now, said an Ernst & Young report.
Marwan Hassan Al Khatib said the company's partners in the venture are Malaysia's Pilgrim Fund, a state fund that helps its country's Muslims save for their Haj pilgrimage to Makkah, and Malaysian state-owned Halal Industry Development Corporation.
Dubai Islamic, a Shariah-compliant investment company, is part of the Dubai Group, a financial services firm focusing on banking investments and insurance.
Khatib said the new company would invest in agriculture, food processing, restaurants, grocery companies and the creation of hypermarkets.
The company is expected to be established before the end of the year, he said.
"We are trying to identify the best possible investment opportunities," he said on the sidelines of a halal forum.
"As long as the investment criteria justifies the capital or investment needed, there should be no problem."
Halal, an Arabic word meaning permissible, strictly forbids consumption of pork and alcohol and stresses investments must meet ethical Islamic standards and avoid industries that involve usury and gambling.
Islamic assets are growing at an rapid annual pace of about 20 per cent and are set to hit $2 trillion (Dh7.34trn) in 2010 from $900 billion now, said an Ernst & Young report.
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