DUBAI, 19 May 2006 — Islamic finance, easily lucrative for Muslims, is equally viable for non-Muslims with its competitive and transparent financing schemes, said Shahli Akram, deputy CEO of Amlak Finance. While explaining how Islamic finance was fast becoming the preferred method of doing business for Muslims and non-Muslims, he said that Islamic financial solutions are structured free from interest and usury, with fewer penalties and fewer hidden costs, thus making it favorable. Akram was addressing at a networking session hosted by Amlak Finance for the Indian Business Professional Council (IBPC) at the Shangri-La Hotel on Wednesday night.
Mirza Al-Sayegh, a UAE dignitary and a patron of IBPC also attended the networking dinner, where more than hundred Indian businessmen and entrepreneurs attended the session also addressed by senior executives on the Future of Islamic Finance in Business.
“UAE’s burgeoning economy and the government’s initiative to strengthen the non-oil and private sector, makes it a fertile environment for foreign investments. The Indian business community based here plays an important part not only in the private sector but in the overall societal fabric. Amlak wants to bring to this integral group the benefits offered by the Islamic economic system,” Akram added.
“Due to the emphasis on its ethical standards and the introduction of more innovative structured products that are Shariah compliant, Islamic banking is becoming increasingly appealing to Muslims and non-Muslims,” claimed Abbas Mirza, member of the governing board, IBPC and partner, Deloitte & Touche (M.E.).
While real estate financing has been the core business, Amlak has considerably expanded its corporate offering via providing working capital, project, trade and asset financing. In addition it has also participated in several overseas syndications as well as being a lead manager.
The president of the Indian Business and Professional Council, Suresh Kumar, expressed his optimism on the outcome of the conference by saying, “The Indian business community is continuously engaged in enhancing cooperation and communication with high profile companies in the UAE.
Amlak’s investment department has focused on the development and marketing of Shariah compliant investment products geared mainly toward medium- and large-sized corporations as well as government institutions.
