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

Islamic hotels spread beyond Gulf

Shariah-compliant hotels are mushrooming throughout the Middle East and elsewhere, boosted by an increase in the number of Arab tourists. The developers of these hotels believe these establishments will appeal to Muslims and non-Muslims alike as they provide a culturally unique and relaxing atmosphere for travellers.

Demand for Shariah-compliant accommodation is on the rise and currently represents 10% of the world tourism market, according to Abdulla Almulla, chairman of Dubai-based Almulla Hospitality.

Speaking at the Arabian Hotel Investment Conference, Almulla said his firm plans to have an international chain of 150 Shariah-compliant hotels by 2015, with up to 90 of them located in the Middle East and North Africa.

High-growth market
The market for Shariah-compliant hotels is expanding in line with the growth in the number of Arab tourists. Travellers from the GCC spend over $12bn annually on leisure travel, according to the World Tourism Organisation. UAE travellers spend an average of $1,700 per vacation, which is $500 higher than the European average.

Almulla aims to establish a brand identity that Muslim travellers will recognise and trust. Some hotels categorise themselves as Islamic but are not Shariah-compliant, he noted, citing one example in which a 'dry' hotel served non-alcoholic drinks at a 'juice bar'. 'We would not call it a 'bar' because that word should not be used at a Shariah-compliant hotel,' he said.

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