Saturday, August 06, 2005

Financial Mirror

Financial Mirror: "03/08/2005
www.financialmirror.com

Islamic finance a growing vehicle

A report published on July 20 by RICS (the Royal Institution of Chartered Surveyors) reveals growing investment in European real estate from the Middle East, increasing interest in leisure real estate and a growing preference for Islamic finance.

More than 90% of investors say that they have invested in the UK, with 85% having invested in the rest of Europe, 47% in the USA and 38% in South East Asia. A large proportion of this real estate investment is compliant with the principles of Shariah law.

The Islamic financial services industry is fast becoming a major global market, estimated to be worth as much as USD 500 bln worldwide (and expected to grow at 12% to 15% a year over the next ten years).

Real estate investment from the Middle East was estimated EUR 1.2 bln (USD 1.4 bln) in 2001 by the Dubai International Financial Centre (DIFC).

Much of this market, of which real estate investment is becoming a large feature, conforms to the principles of Shariah law which forbids the payment of interest and restricts activities permissible for investment.

The report was commissioned by property consultants King Sturge and prepared by Dr Ali Parsa of London’s South Bank University.

London’s wide range of skills and expertise puts its commercial property ind"

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