Words of Wisdom - the Editor

Peace.
Got busy with a new project. So couldn’t add more news. Although I came across a fine article by a brother on the history and future of Islamic Banking. I was surprised to know that Islamic banking had beginnings in 1975. Wow. That’s almost as early as my birth. And I guess if there are enough like minded people any idea is bound to grow. I too used to wonder if I can invest without plunging into interest based transactions.

UK I noticed is taking some fine initiatives to promote Shariah Finance. Also came across a western brother or atleast who calls Muslims his brothers and sisters but laughs cynically at the DOW Islamic index as 'bending backwards' to accommodate those guys who have four wives and cut of peoples hands. O well some people just don't get it, do they?

Saturday, May 24, 2008

Almulla, UK group in Islamic hotel chain tieup

Dubai-based Almulla Hospitality and UK-based Jasper Capital have joined hands to set up a real estate company that will develop international chain of Cliftonwood, Adham and Wings hotels.

Almulla Hospitality plans to tap into the growing Muslim travel market with a hotel chain operating under universal codes such as no alcohol and Halal food only, said a company official.

The deal with the Jasper Capital Group of the UK will help structure the financial real estate company to develop plans for an international chain of Islamic-compliant hotels with 150 properties worldwide.

The company plans to set up 90 of such hotels n the Middle East and North Africa, said Abdulla Mohamed Almulla, chairman of Almulla Hospitality.

"At the launch of Almulla Hospitality we had announced that our goal is to achieve, within five to seven years, 150 properties worldwide under management," Almulla said. "We are very pleased to assign Jasper Capital Group of the UK to structure a plan toward achieving our goal."
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