Reliance Money launches Islamic finance products(Gulf Business Capsule)May 4th, 2008 - 7:15 pm ICT by admin
Dubai, May 4 (IANS) Reliance Money, the financial distribution subsidiary of the Reliance Anil Dhirubhai Ambani Group, has announced the launch of an Islamic finance-compliant portfolio management scheme (PMS) for investors in India and the Middle East. Dubai, May 4 (IANS) Reliance Money, the financial distribution subsidiary of the Reliance Anil Dhirubhai Ambani Group, has announced the launch of an Islamic finance-compliant portfolio management scheme (PMS) for investors in India and the Middle East.
The scheme will be accessible with a minimum investment of $13,600 (Rs.500,000).
“A significant part of India’s population has not been offered appropriate financial products in compliance with the relevant religious sentiments,” the Gulf News quoted Sudip Bandyopadhyay, director and chief executive of Reliance Money, as saying.
“Sharia-compliant PMS, proposed by Reliance Money with Parsoli Corporation, would enable us to tap this sector and reach out to a large section of such investors.”
Ahmedabad-based Parsoli Corporation provides retail stock broking and financial services. The company offers various services, including an individual scrips search, ongoing fund monitoring, an asset class strategy study, and full service consulting.
According to the agreement between the two companies, Parsoli would work with Reliance Money to ensure Sharia compliance for the relevant schemes being launched by Reliance Money. Parsoli would also market other financial products and services being introduced by Reliance Money from time to time.
“Sharia-compliant investment products need to follow a stringent code of investment guidelines, in line with the religious sentiments. This partnership will enable Parsoli Corporation ensure that the compliance criterion are adhered to and help Reliance Money market its Sharia-compliant investment products to investors,” said Zafar Sareshwala, managing director and chief executive of Parsoli.
“Currently we offer PMS for as low as Rs500,000 and follow an aggressive and competitive fee structure,” Bandopadhyay was quoted as saying.
“We do not charge any fee for returns up to eight percent, charge 10 percent fee for returns up to 20 percent and charge 20 percent fee for returns over 20 percent. We would replicate the same model for the Sharia-compliant schemes as well,” he added.
UAE’s Aldar ties up with India’s Taj hotels
Leading Abu Dhabi-based property developer Aldar Properties’ hotels and hospitality division signed an exclusive agreement with India’s Taj Hotels Resorts and Palaces.
The agreement was signed by Paul Bell, Aldar Hotels and Hospitality managing director, and Raymond N. Bickson, managing director and chief executive of The Indian Hotels Company Limited, which owns and operates 79 Taj properties across the world, according to an Aldar statement.
“Aligning with leading internationally recognised hospitality brands is part of Aldar’s strategy to bring high quality investment opportunities to our developments,” Aldar chief executive Ronald Stephen Barrott said in the statement.
“This agreement signifies Aldar’s commitment to bring world-class players to our market, and to Abu Dhabi,” he added.
The exclusive agreement between Aldar Hotels and Hospitality and the Taj Group will cover a number of hotel projects.
The first hotel to be developed by Aldar Hotels and Hospitality under the agreement is a five-star, 500-room luxury resort hotel, which will be in a waterfront location on Aldar’s mega entertainment destination, YAS Island.
The hotel will be branded as a Taj Palace Hotel.
‘Saudi Arabia World Bank’s key partner in Arab world’
Saudi Arabia is the World Bank’s key partner in the Arab World supporting further Arab integration in the global economy, according to Robert B. Zoellick, president of the World bank, who visited Saudi Arabia last week.
“Our cooperation programme in Saudi Arabia relies on the institution’s capacity to leverage knowledge and best practice from different parts of the world,” Zoellick said in a statement e-mailed to the Khaleej Times.
“At the same time, we are engaging with Saudi Arabia as a key player in the Arab World to support further Arab integration in the global economy,” he said.
Zoellick said he had listened and learned from Saudi Arabia’s experience in meeting development challenges, in mobilizing South-to-South investments, and from its expertise in agricultural development.
He lauded the Gulf nation for its economic reforms that have ranked the country as a top business reformer in 2007.
He said Saudi Arabia is the largest Arab shareholder in the World Bank Group, and the visit was “an opportunity to continue the dialogue on how we can advance the Arab World initiative that we launched last year to address the region’s social and economic priorities”.
“It is also a chance to work together to support agricultural development that can become part of a new deal for global food policy,” he was quoted as saying.
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