Latest from GIFC

Sunday, 3 February 2008

Kuwait go-ahead for Citigroup plan


DUBAI: A unit of Citigroup has won approval from Kuwait's Ministry of Commerce and Industry to invest in a new Islamic investment firm. Citigroup Global Markets will invest 2.5 million dinars ($9.16m) in Al Raya Investment, according to a decree from the ministry.
Kuwaiti fund manager KIPCO Asset Management Company (Kamco) said earlier it had finalised selling shares in a private placement in a new Islamic investment firm after raising its capital to 25m dinars from 17m dinars, divided into 250m shares.
Kamco said in November it could list shares of Al Raya within three to five years in Kuwait and on the Dubai Financial Market.
"This is going to be the first specialised international asset management company in the Middle East investing globally in accordance with Islamic law," founders' committee chairman Hazem Al Braikan said.

---
Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Consultant/Speaker/Motivator : www.ahmad-sanusi-husain.com 
Islamic Investment Malaysia: www.islamic-invest-malaysia.com

No comments:

Upcoming Events on Islamic Finance, Wealth Management, Business, Management, Motivational Alfalah Consulting, KL-Malaysia: www.alfalahconsulting.com

ISLAMIC FINANCE EVENTS KUALA LUMPUR MALAYSIA

ISLAMIC FINANCE EVENTS KUALA LUMPUR MALAYSIA
Register Online . Register Today

Islamic Financial Planning & Wealth Management by Ahmad Sanusi Husain