Monday, October 29, 2007

Investor plans Sharia bourse

from The Gulf Daily News

Kuwait's Investment Dar, the Islamic investor that bought into British car-maker Aston Martin, said yesterday it had applied for permission to open a stock market that complies with Sharia. The exchange would be open to Kuwaiti and foreign companies that follow Islamic rules to cater for growing demand from the world's 1.2 billion Muslims for investments that comply with their beliefs. "There is always a premium paid for those kind of companies," Investment Dar's chairman Adnan Al Musallam said. "It's a big market. Islamic financial institutions manage more than $800bn, according to the Islamic Development Bank.

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