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Al-Harameen To Tap Hospitality Sector In Mecca, Madinah

News From : DagangHalal.com (04 May 2010)

MANAMA (Bahrain), May 4 (Bernama) — Al-Harameen Fund, a joint venture between AmanahRaya Bhd and Capital Partners Holdings (Bahrain), will invest in the hospitality industry in Mecca and Madinah. The fund, an Islamic closed-end private fund and denominated in US dollar, is constituted through a special-purpose vehicle company, Al-Harameen (L) Ltd, an offshore company incorporated in Labuan.

AmanahRaya Investment Bank (Malaysia) chairman Tan Sri Arshad Ayub said it would give investors an opportunity to tap the growing hospitality industry in the two holy cities. “We see the provision of premier and sophisticated accommodation, facilities and related infrastructures in Mecca and Madinah as a huge but untapped market,” he said at the launch of the fund here Monday. Last year, over 5.6 million Muslims visited Mecca to perform the haj and umrah (minor haj), and the number of pilgrims and visitors to Mecca and Madinah would increase significantly over the years especially with the massive expansion of Masjid Al-Haram and its surroundings, he said.

By tapping the strength of Capital Partners, who have interests in commercial, industrial and service sectors, it would better position the fund, said Arshad. Al-Harameen, developed more than a year ago, is a product of the Malaysia International Islamic Financial Centre (MIFC) initiative. AmanahRaya also signed a joint-venture agreement with Capital Partners to establish a Global Halal Ventures Fund. Former Prime Minister Tun Dr Mahathir Mohamad witnessed the fund launch and signing ceremony. The Global Halal Ventures Fund will invest in halal activities and halal-related businesses in Muslim countries which have limited number of halal products but are in huge demand. “Once this fund is established, we shall utilise it to initiate projects in the republics of Tatarstan and Kazakhstan,” said Arshad.

AmanahRaya Investment Bank has formed a partnership with Islamic Corporation for Development of Private Sector (ICD), a subsidiary of the Islamic Development Bank to work together in the development of Islamic banking, haj fund and halal projects in the Organisation of the Islamic Conference member countries. As part of the initiatives to foster halal projects, AmanahRaya Investment will forge a partnership with Capital Partners to establish a fund in Tatarstan with the cooperation of the ICD.

— BERNAMA

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