Shariah Capital joins Dubai International Financial CentrePress Release12 May 2007 04:26 pm
Shariah Capital Inc., a Shariah consulting and advisory company that creates and customizes Shariah compliant investment product platforms, has been granted a license to operate in the Dubai International Financial Centre.
In making the announcement, His Excellency Dr. Omar Bin Sulaiman, Governor of the DIFC, said: “Islamic finance has shown an enormous potential for growth in recent years, giving rise to predictions that it will witness 15 per cent average annual growth rates in the next decade. While Islamic finance is becoming increasingly sophisticated and competitive, there is room for significant improvement particularly in the development of competitive Shariah compliant alternatives to conventional financial instruments. Armed with twin skill sets of Islamic expertise and knowledge of conventional finance, Shariah Capital Inc will be able to effectively bridge the gap between the two frameworks and thus add value to the DIFC and the region.”
Eric Meyer, chairman and CEO of Shariah Capital, commented: "Registration at the DIFC is a strategic development for Shariah Capital. We now operate under regulations in Dubai, the United States and the United Kingdom. Our registration makes us a global player with a Shariah compliant institutional platform that extends from New York to London and, today, to Dubai. With our audited financial statements, public listing, Chief Shariah Officer and regulatory compliance in multiple jurisdictions, Shariah Capital truly bridges Shariah and the West and offers a non-paralleled Shariah capability to its clients in the region and throughout the world. “
He added: “We came to the DIFC because it is an important gateway between East and West and because of its commitment to become a global leader in Islamic Finance. Our goal is to align ourselves with institutions like the DIFC that have the foresight and the resources to push to the forefront of this industry.”
Nasser Al Shaali, Chief Executive Officer of the DIFC, further commented: “While Islamic financial institutions currently operate in more than 75 countries, it is still a very young industry. DIFC member institutions that are building product platforms directed to investors in the region often feel a crucial need for Shariah compliant products and solutions that can compete with conventional investment and risk management tools. As a member of the DIFC family, Shariah Capital will be able to service this increasingly mainstream market through the world-class facilities offered by the Centre.”
As an advisor to multinational and regional financial institutions and investment companies, Shariah Capital builds market-competitive Shariah compliant alternatives to conventional Western financial products which then are distributed under its clients' internationally-recognized brand names. Shariah Capital intends to use its DIFC registration to develop Shariah compliant products involving alternative investments, liquidity management instruments, principal protection vehicles, sukuks, equity indexes and exchange traded funds, real estate investment trusts and global real estate funds and private equity strategies. The company often is cited in Islamic Finance circles for its groundbreaking Shariah screening software and its Shariah solutions for short-sales, options and balance sheet leverage.