Amanat Holdings, a GCC healthcare and education investor, moved Dh700 million of its cash into Sharia-compliant deposits in banks in the UAE from conventional ones as it seeks to transform itself into a company complying with Islamic finance.
“Our vision is to be the investment partner of choice in health and education and we aspire to expand our geographic reach beyond our core market, the GCC,” said Hamad Al Shamsi, Chairman of Amanat, said in a statement on Thursday.
“The health and education sectors are both already acknowledged by scholars as being consistent with established Sharia practices so our decision to embrace compliance is a natural and progressive step that supports our mission and vision.”
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Read More:
Amanat snaps up Dh320m stake in Abu Dhabi-based education operator
Amanat Holdings 2017 net income climbs 10%
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After shifting the Dh700m into Sharia-compliant deposits, the company’s remaining deposits in conventional accounts stand at 27 per cent. That’s below the 30 per cent threshold required to be counted as Sharia-compliant.
Amanat’s investments are split equally between healthcare and education with 51 per cent of those investments in Saudi Arabia and 49 per cent in the UAE. Amanat has made investments valued at Dh1.1 billion, comprising 43 per cent of its paid up capital. In all, its Sharia-compliant deposits stand at Dh1.8bn, some 73 per cent of its total assets.
“We have taken steps to move towards becoming a Sharia compliant company by deploying excess cash in Sharia-compliant deposits,” said Shamsheer Vayalil, vice chairman, managing director and chief executive officer of Amanat.
“These steps, we believe, will reflect positively on the company and deliver more value to shareholders. We are working closely as a team to drive growth and value to our shareholders and we have successfully deployed almost Dh400m in leading assets since December 2017.”
'Unrivaled: Why America Will Remain the World’s Sole Superpower'
Michael Beckley, Cornell Press
If you go
The Flights
Emirates and Etihad fly direct to Johannesburg from Dubai and Abu Dhabi respectively. Economy return tickets cost from Dh2,650, including taxes.
The trip
Worldwide Motorhoming Holidays (worldwidemotorhomingholidays.co.uk) operates fly-drive motorhome holidays in eight destinations, including South Africa. Its 14-day Kruger and the Battlefields itinerary starts from Dh17,500, including campgrounds, excursions, unit hire and flights. Bobo Campers has a range of RVs for hire, including the 4-berth Discoverer 4 from Dh600 per day.
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
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Killing of Qassem Suleimani
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
UAE currency: the story behind the money in your pockets
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
COMPANY%20PROFILE
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Match info
Karnataka Tuskers 110-3
J Charles 35, M Pretorius 1-19, Z Khan 0-16
Deccan Gladiators 111-5 in 8.3 overs
K Pollard 45*, S Zadran 2-18
Company%20Profile
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
