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?

Monday, May 19, 2008

Dubai hotel group, Almulla Hospitality to establish Islamic hotel properties

Almulla Hospitality, Dubai-based Shariah-compliant hospitality chain, has signed an agreement to establish financial real estate company with the Jasper Capital Group, UK-based investment banking consultancy, to develop international chain of Islamic-compliant hotels with 150 properties worldwide and up to 90 in the Middle East and North Africa. The hotel chain will operate under the brand names of Cliftonwood, Adham and Wings.

Abdulla Mohamed Almulla, Chairman, Almulla Hospitality, said, ""We are very pleased to assign Jasper Capital Group of the UK to structure a plan toward achieving our goal".

Dubai's Almulla Hospitality plans to grow its property portfolio through management contracts, joint venture investments and selective acquisitions across the world using a variety of investment structures. All financial structures involved will conform to the Islamic ban on interest.
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