GOLDEN TICKET FOR KFHMB

Kuwait Finance House Malaysia (KFHMB) has introduced Gold Account-i, a Shariah-based account to enable customers to securely purchase and invest in gold.
By using gold as the underlying commodity, the account provides a good hedge against inflation. There may also be opportunities for capital gain if the gold price appreciates, says KFHMB.
     The bank provides customers with a choice of physical delivery or account credit via a statement using the Islamic concepts of bai’ al-sarf and qardh hassan. Initial investment starts at 10g of gold and the account must maintain a balance of 2g.
     Withdrawal can be made in denominations of 1g, 5g, 10g and 50g and customers can sell or withdraw their gold based on the bank’s daily selling rates. At the account’s launch, KFHMB chairman Hamad Al-Ghanem said customers had already transferred 10kg of gold. The product, he said, is a step forward in the bank’s strategy to expand and increase its market share by addressing the retail market.

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ISTISNA SIGNED BY QIB

There are pools of confidence in real estate investment in the Middle East. Qatar Islamic Bank (QIB) has signed an istisna agreement to finance a construction project in Al Khor, 50 kilometres north of Doha, the country’s capital.
     The QR300m residential development will provide accommodation comprising 145 villas and 252 apartments, as well as a children’s nursery, swimming pool, shopping mall and parking. The project is owned by Al Khor & Dakira Schemes & Services and construction is expected to be completed in two years.
     QIB CEO Salah Al Jaidah says: “Our involvement with projects such as this Al Khor development is borne out of qib’s ongoing commitment to Qatar’s economic development, one of the four interrelated pillars underlying the Emir’s 2030 Vision.”

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INVESTOR RELATIONS PLATFORM

As part of a sustained investor outreach programme, a dedicated online investor relations platform has been developed by Dubai Islamic Bank (DIB). The platform provides investors with financial reports, credit ratings, dividend information, share price charts and an investment calculator. The microsite will keep investors informed about company performance, financial results and leading indicators.
     Thomson Reuters developed the DIB platform and Basil Moftah, managing director of Thomson Reuters for the Middle East and Africa, says: “Our extensive research Into the needs of investors confirms that investor relation websites are the preferred first point of contact for them."

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