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Sharjah Islamic Financial Services, a subsidiary of Sharjah Islamic bank offers its customers and investors a wide range of Islamic Sharia compliant trading tools to allocate, select and manage investments and wealth. Head quartered in Sharjah Expo Centre, in a modern state-of-the-art office building with all the advanced technological infrastructure necessary to conduct smooth business, SIFS offers right ambience and a professional environment. As a commitment to provide high quality services to our clients strict Islamic Sharia principles are adhered-to all processes and practices, which in turn gives SIFS a competitive advantage over other firms who are also offering similar kind of services.
Kuwait gets more time to study Dar debt plan Kuwait's Investment Dar has said a Kuwaiti court has granted the country's central bank four more months to submit a report on the Islamic investment firm's debt restructuring plan, Reuters has reported. Dar, which has been trying to restructure about KD1bn of debt, applied in March for support under a government facility set up for troubled companies as part of a debt restructuring.
Kuwait's Investment Dar has said a Kuwaiti court has granted the country's central bank four more months to submit a report on the Islamic investment firm's debt restructuring plan, Reuters has reported. Dar, which has been trying to restructure about KD1bn of debt, applied in March for support under a government facility set up for troubled companies as part of a debt restructuring.
Dubai Investments Q2 profit drops 32% Dubai Investments, the largest investment company listed on the Dubai Financial Market, reported a 32% decline in second-quarter profit as investment income dropped. Net income fell to Dhs196.3m ($53m) from Dhs287m a year earlier, the company said in a statement. Income from sale of goods and services fell 1.8% to Dhs309.4m, while contract revenue rose 30% to Dhs213.8m. Dubai Investments wrote down the value of its investments by 49.7 million dirhams in the quarter, while it had a profit of 53 million dirhams a year ago, the results showed. has said it has started with the process of launching an initial public offering for its subsidiary, M'Sharie, by next year. "The company has already initiated processes for the M'Sharie IPO planned for 2011 and is in active discussions with local stock exchanges. The IPO of M'Sharie will result in raising liquidity and will provide a platform for future growth," Khalid Bin Kalban, DI managing director and CEO said. The conglomerate has reported net profit of Dhs474m for the first half of this year with total income at Dhs1.67bn.
Dubai Investments, the largest investment company listed on the Dubai Financial Market, reported a 32% decline in second-quarter profit as investment income dropped. Net income fell to Dhs196.3m ($53m) from Dhs287m a year earlier, the company said in a statement. Income from sale of goods and services fell 1.8% to Dhs309.4m, while contract revenue rose 30% to Dhs213.8m. Dubai Investments wrote down the value of its investments by 49.7 million dirhams in the quarter, while it had a profit of 53 million dirhams a year ago, the results showed. has said it has started with the process of launching an initial public offering for its subsidiary, M'Sharie, by next year. "The company has already initiated processes for the M'Sharie IPO planned for 2011 and is in active discussions with local stock exchanges. The IPO of M'Sharie will result in raising liquidity and will provide a platform for future growth," Khalid Bin Kalban, DI managing director and CEO said. The conglomerate has reported net profit of Dhs474m for the first half of this year with total income at Dhs1.67bn.
Bahraini investment firm shut down Bahrain-based Gulf International Investment has been shut down by authorities over alleged violations, Gulf Daily News has reported. Authorities did not provide details on whether the closure was temporary or permanent. GII is an investment firm that raises funds from retail investors for real estate and private equity projects mostly in the GCC region.
Bahrain-based Gulf International Investment has been shut down by authorities over alleged violations, Gulf Daily News has reported. Authorities did not provide details on whether the closure was temporary or permanent. GII is an investment firm that raises funds from retail investors for real estate and private equity projects mostly in the GCC region.
Yemen currency hits record low Mohammed Awad bin Hamam, governor of Yemen's central bank, has said that injecting more cash in the exchange market is possible after an $80m injection failed to raise the country's rial currency, Reuters has reported. The rial has fallen about 12% from a level of 208 versus the dollar in mid-January. He said that demand is expected to decrease as supply of foreign currencies like the dollar, increase in coming days when remittances would be sent to Yemen by expatriates.
Mohammed Awad bin Hamam, governor of Yemen's central bank, has said that injecting more cash in the exchange market is possible after an $80m injection failed to raise the country's rial currency, Reuters has reported. The rial has fallen about 12% from a level of 208 versus the dollar in mid-January. He said that demand is expected to decrease as supply of foreign currencies like the dollar, increase in coming days when remittances would be sent to Yemen by expatriates.
Kuwait inflation holds steady According to figures by Kuwait's central bank, the Gulf state posted annual inflation of 2.8% in April, in line with levels since the start of the year as food and transport costs remained steady, Reuters has reported. Food prices, which account for 18 percent of the basket, fell by 0.1% from the previous month, following a 0.8% rise in March, while transport prices, the third biggest component, rose 0.1% after remaining unchanged in March.
According to figures by Kuwait's central bank, the Gulf state posted annual inflation of 2.8% in April, in line with levels since the start of the year as food and transport costs remained steady, Reuters has reported. Food prices, which account for 18 percent of the basket, fell by 0.1% from the previous month, following a 0.8% rise in March, while transport prices, the third biggest component, rose 0.1% after remaining unchanged in March.
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