Amanat transfers AED700m from conventional deposits into Sharia-compliant deposits with Islamic banks in the UAE
Amanat Holdings, the GCC's largest investment firm focused on education and healthcare, has announced plans to attain Sharia-compliant status.
Under this scheme, Amanat has transferred AED700 million from its outstanding cash from conventional deposits into Sharia-compliant deposits with Islamic banks in the UAE, according to a statement.
The remaining deposits amount to 27 percent of the company’s total assets, which is below the threshold of 30 percent required to be Sharia-compliant.
Amanat said these are expected to be "utilised quickly,” to further boost the company's investments in the healthcare and education sectors.
The Dubai-listed firm said 51 percent of its investments are in Saudi Arabia and the remaining 49 percent in the UAE.
“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 Amanat’s chairman Hamad Abdullah Al Shamsi.
Dr Shamsheer Vayalil, vice chairman, managing director and CEO of Amanat, added: “We have taken steps to move towards becoming a Sharia compliant company by deploying excess cash in Sharia compliant deposit. These steps, we believe, will reflect positively on the company and deliver more value to shareholders.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.