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

Shariah-compliant hotel sector grows

(MENAFN - Bahrain Tribune) The Islamic hospitality market, or Shariah-compliant hotels, is pegged to be one of the fastest growing hospitality segments, according to Jonathan Worsley, conference co-organiser, Arabian Hotel Investment Conference (AHIC). He said Dubai-based hospitality group Almulla Hospitality, recently launched its Shariah-compliant hotel portfolio, comprising three brand tiers.

The group has also cited plans to target development in Saudi Arabia, the United Arab Emirates, Jordan, Egypt and Malaysia in the first instance, with Thailand and Europe following closely behind. "Almulla joins other UAE-based players including Shaza Hotels from Kempinski and Tamani Hotels and Suites from KM Group among others," he said.

Rotana, too, has tickled the sector recently launching Rayhaan Hotels and Resorts with an offer-specific no-alcohol label. Almulla chairman, Abdulla Almulla said the demand for Shari'a-compliant accommodation is on the increase, representing 10 per cent of the world tourism market.

''In less than a decade Middle East leaders have transformed the landscape and created one of the world's fastest growing regions, with hospitality investment at its core,'' the chairman said. "UAE travellers alone spend more than $4.9 million on travel annually, and the Islamic hotel product will be in high demand, certainly reaching 10 per cent in the short term."

Meanwhile, Rezidor Hotel Group has estimated that the Shari'a-compliant hospitality market will grow by staggering 20 per cent per year over the next decade. Rotana agrees that there is a high demand, and Selim el Zyr, group president and chief executive officer, said this is driven by the desire for individual choice. "In this ever-changing world, individuality of choice is important to the traveller with some guests seeking to reflect the values they hold in the accommodation they choose," he explained. "We have introduced the Rayhaan brand to Rotana's hotel and resort portfolio after considering the diverse needs of our guests. Rayhaan offers world-class standards synonymous with the Rotana name while being an entirely new concept with inherent appeal, particularly to guests of Middle Eastern heritage and desires." This year's AHIC will spotlight new hospitality trends in its session dubbed "Multi-faceted future of Islamic hospitality" and will further beg the question, are Shari'a-compliant hotels the next big thing or a short-term trend?

Session moderator is Naseem Javed, president of ABC Nameback International. Alongside him, panellists include Christopher Hartley, chief executive, Shaza Hotels; Mohmood Al Koofi, CEO, Reef, and Sayed Hadi Al Alawi, chairman, Al Hayat.

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