Post by Sapphire Capital on Aug 1, 2008 21:09:15 GMT 4
$33m Islamic finance company is launched
By ARTHUR MACDONALD
August 01.08
MANAMA: Tharawat Investment House, a Bahrain-based Sharia compliant Islamic investment company, was launched yesterday with a capital base of $33.25 million.
The company has been established to offer investment vehicles that satisfy the diverse goals of local and international investors across the region. It is licensed by the Central Bank of Bahrain.
"I am pleased that we have met all the requirements for launching the company," said Tharawat Investment House chairman Saeed bin Abdulla Al Misnad.
"Tharawat will focus on investing in the industrial, agriculture, service and real estate sectors. The geographical spread of our investments will cover the GCC as well as a few other Islamic countries.
"We are establishing a financial institution with unique and quality investment products that will enhance the economic boom and contribute to the region's prosperity."
When asked why the region needed yet another Islamic investment vehicle, he said that the GCC has attractive to investors for many reasons.
"Liquidity levels are very high and there is a need for investment to diversify the economy.
"We are building a company, which has financial resources, a vision and strong human resources. The idea is to create funds for different sectors."
The launch, set for 12.30pm yesterday, was held up for more than one-and-a-half hours as the investment company's board meeting overran the schedule.
Mr Al Misnad said this was because the board had a very heavy agenda and would still have to resolve two issues after the launch.
"I am delighted that Tharawat Investment House has finally been launched," said managing director and chief executive officer Arif Muhammad Al Alawi.
"We are in the final stage of choosing the first senior management team. Primarily, we have finished studying our first investment project, which we expect to launch this year.
"The strategy according to which we choose our investments is determined by several factors, the most important of them being that we follow the Sharia-compliant regulations.
"Profitability and risk are also crucial factors that we take into account, along with market demand, timing, partnerships and amount of investment."
The company's board includes Mr Al Misnad and Ali bin Hussain Al Sada from Qatar, Shaikh Musa bin Adbulaziz Al Musa from and Shaikh Sultan bin Adbulaziz Al Musa from Saudi Arabia, Dr Muhammad Khalfan bin Khurbash and Nasser Al Shamsi from the UAE and Tariq Is'haq Al Kooheji and Arif Muhammad Al Alawi from Bahrain.
Mr Al Misnad was appointed chairman, Shaikh Musa vice-chairman and Mr Al Alawi managing director and chief executive officer. business@gdn.com.bh
By ARTHUR MACDONALD
August 01.08
MANAMA: Tharawat Investment House, a Bahrain-based Sharia compliant Islamic investment company, was launched yesterday with a capital base of $33.25 million.
The company has been established to offer investment vehicles that satisfy the diverse goals of local and international investors across the region. It is licensed by the Central Bank of Bahrain.
"I am pleased that we have met all the requirements for launching the company," said Tharawat Investment House chairman Saeed bin Abdulla Al Misnad.
"Tharawat will focus on investing in the industrial, agriculture, service and real estate sectors. The geographical spread of our investments will cover the GCC as well as a few other Islamic countries.
"We are establishing a financial institution with unique and quality investment products that will enhance the economic boom and contribute to the region's prosperity."
When asked why the region needed yet another Islamic investment vehicle, he said that the GCC has attractive to investors for many reasons.
"Liquidity levels are very high and there is a need for investment to diversify the economy.
"We are building a company, which has financial resources, a vision and strong human resources. The idea is to create funds for different sectors."
The launch, set for 12.30pm yesterday, was held up for more than one-and-a-half hours as the investment company's board meeting overran the schedule.
Mr Al Misnad said this was because the board had a very heavy agenda and would still have to resolve two issues after the launch.
"I am delighted that Tharawat Investment House has finally been launched," said managing director and chief executive officer Arif Muhammad Al Alawi.
"We are in the final stage of choosing the first senior management team. Primarily, we have finished studying our first investment project, which we expect to launch this year.
"The strategy according to which we choose our investments is determined by several factors, the most important of them being that we follow the Sharia-compliant regulations.
"Profitability and risk are also crucial factors that we take into account, along with market demand, timing, partnerships and amount of investment."
The company's board includes Mr Al Misnad and Ali bin Hussain Al Sada from Qatar, Shaikh Musa bin Adbulaziz Al Musa from and Shaikh Sultan bin Adbulaziz Al Musa from Saudi Arabia, Dr Muhammad Khalfan bin Khurbash and Nasser Al Shamsi from the UAE and Tariq Is'haq Al Kooheji and Arif Muhammad Al Alawi from Bahrain.
Mr Al Misnad was appointed chairman, Shaikh Musa vice-chairman and Mr Al Alawi managing director and chief executive officer. business@gdn.com.bh