Partnership with HSH Nordbank offers new model as experts look to Sharia principles to free stalled global liquidity
Dubai, November 30, 2008: Financial institutions in Dubai are gearing up for an Islamic finance-led upswing in the regional economy with Al Salam Investment (ASI), the Dubai-based investment company, the latest to launch a major initiative in the sector.
ASI has identified Islamic finance as the next big driver for the regional financial sector and today signed an agreement to partner with HSH Nordbank, a German financial institution and global leader in shipping and renewable energy finance, as it scales up to become a major player in the market.
The union of regional operator ASI with the conservative traditions of conventional global financier HSH Nordbank will create a strong player operating on Islamic principles initially in the GCC and in the medium term throughout MENA. Mr. Pegman Haghshenas, Chief Executive Officer of ASI, said: “The time is right for change and our expectations for this partnership, operating in line with Sharia principles, are high.
“Islamic finance can become the catalyst that restores the deal flow, previous levels of transactions and ultimately the confidence in the financial system needed to reverse the move away from growth. We see opportunity and change in this region and this partnership will ensure we have the financial muscle and expertise to be at the forefront of the turnaround.
“Islamic finance offers a different model – one which could become
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