To learn more about Shariah investment firms, click here.

Shariah Investment Firms

Banks:

AIG

Includes:

  • AIG Takaful Enaya (as of 2009)
  • Lexington Insurance Company
  • Imperial A.I. Credit Companies, Inc.
  • American General Finance, Inc. (AGF)
  • Consumer Finance Group, Inc.(CFG)
  • International Lease Finance Corporation
     

$1 trillion in assets around the world. The largest U.S. underwriters of commercial and industrial insurance, and most extensive property casualty network. Leading U.S. life insurer and premier retirment franchise with leadership in U.S. fixed annuities market.

Voted Best Takaful Company in 2008 at the International Takaful Awards in London.

Shariah Advisors:

  • Sheikh Nizam Yaquby from Bahrain
  • Mohamed Ali Elgari from Saudi Arabia
  • Dr. Muhammad Imran Ashraf Usmani from Pakistan

Aribabank

Bank of America merger with Merrill Lynch

$45B bailout as of 1-14-09

http://www.sifma.org/news/news.aspx?id=8542

Merrill Lynch’s program is a platform from which it can share information about the growing Islamic finance market, and develop a competency in Islamic finance that will enable it to provide products and services that will meet the unique needs of Arab investors. Merrill Lynch’s Islamic finance events have varied in theme, size and scope, encompassing both its Global Markets and Investment Banking (GMI) Group and its Global Wealth Management (GWM) Group. In January 2007 a dedicated Islamic Finance team at Merrill Lynch launched a state-of-the-art Islamic Finance Platform which leverages the firm’s global derivative franchise and global structuring capabilities across asset classes worldwide to provide our Islamic institutions and individual clients with access to all conventional derivative and financing products, and Sharia-compliant products. The firm has hosted several women’s educational events over the past two years. In April 2008 Merrill Lynch created an Islamic Certificate Program dedicated to the issuance of Sharia-compliant investments, and in June 2008, Merrill Lynch launched a West Asian, Middle Eastern and North African (WAMENA) Professional Network.

Barclays Bank

www.barclays.com/www.barclays.co.uk

*No Info on Shariah on main sites

First to put together $250mm Shariah Hedge Fund deal.

Articles:

"Shariah Compliant Products for Islamic Customers":

http://www.barclays.com/sustainabilityreport07/nps_casestudy2.html?AddToPrintBasket=true

Barclays Capital, the investment banking arm of Barclays Bank PLC and one of the leading investment banks in the Middle East, has ranked number one in the Islamic bonds Underwriter League Table.

http://www.barcap.com/sites/v/index.jsp?vgnextoid=d63786437d052110VgnVCM1000001413410aRCRD&vgnextchannel=1c6c15cd3f4f8010VgnVCM1000002581c50aRCRD

Awards:

  • January 2008 - Barclays Capital wins five Deal of the Year awards at the Islamic Finance News awards.
  • November 2007 - Absa Islamic Bank is recognised as the best Islamic bank offering within a conventional bank in World Finance magazine’s first global awards. A division of Absa, majority owned by Barclays
  • May 2008 - Barclays Capital has named 'Best Islamic Bond (Sukuk) House' by EMEAFinance magazine.

Branch Bank and Trust

Blackstone Property Finance

http://www.black-stone.co.uk

Mission: “Blackstone Shariah Finance is a division dedicated solely to providing Shariah Compliant Property Finance. It was established due to a growing need to provide an ethical alternative to interest based property finance, to both the muslim and non muslim market.”

Citicorp - wholly owned subsidiary,
Citi Islamic Investment Bank

www.citicorp.com

http://www.citibank.com/ciib

The #1 lead arranger of Islamic loans, Bonds and Credit Derivatives, completed more than $7.0B Islamic Transactions in last 5 years. U.S. TSY just agreed to give Citi $27B and an agreement to back about $306 billion in loans and securities.

Complete description of Citi Bail Out: http://www.time.com/time/business/article/0,8599,1861904,00.html

Citi Islamic Investment Bank, (United Arab Emirate) a Citigroup subsidiary, offers innovative Islamic Banking solutions to investors as well as fund takers. It has years of experience in developing short-term trade based as well as medium to long term project and corporate finance based Sharia'a compliant financing solutions. The Middle East Corporate Finance unit works closely with Citi Islamic Investment Bank to bring this expertise to its clients.

Citi Islamic Investment Bank E. C. (“CIIB”) http://www.citiislamic.com/ciib/homepage/ was incorporated in July 1996 in Bahrain, as a 100% owned subsidiary of Citicorp Banking Corporation. CIIB operates as the dedicated Islamic Banking vehicle of Citi and is continuing the pioneering and innovative role that Citi has been playing in the industry for almost 25 years, through Islamic Finance windows within Citi.

Citi is the #1 lead arranger of Islamic loans, bonds and credit derivatives.

Citi Islamic Investment Bank’s core Islamic banking business has been the origination, structuring and distribution of Islamic banking transactions in trade finance, structured trade finance, leasing, fund management and Islamic securities. Issuers from many countries including Brazil, Korea, Turkey, Egypt, Mexico, South Africa, Pakistan, India, and Bangladesh have been introduced to the Islamic banking market. CIIB has achieved an annual turnover of several billion US Dollars in Islamically structured assets by drawing on its knowledge of the Islamic banking market, its strong investor relations and the global presence of Citi. Going forward, with a proven track record, a reputation for product innovation and an even stronger global Franchise of Citi, CIIB remains uniquely positioned to best serve the needs of Islamic customers through diverse investment alternatives.

Shariah Advisors:

  • Dr. Nazih Hammad (President)
  • Dr.Mohammed Eid Elgari
  • Sheikh Nizam M. Yaquby
  • Muhammad Taqi Usmani (recently removed from website)

Articles:

http://www.citi.com/citigroup/press/2007/070323a.htm
March 23, 2007 Citibank Berhad Offering Two New Islamic Products in Malaysia

Devon Bank

Dubai Islamic Bank

Dubai Islamic Bank (DIB) was founded in 1975 as a fully-fledged Islamic financial institution offering a range of Sharia-compliant products and services. Today, DIB provides retail, corporate, private, consumer, and investment banking; and contracting and real estate finance.

Over the past decades the bank has expanded its presence in the UAE and currently operates 22 branches and employs 6894 staff. Most recently, the bank has joined forces with Dubai-based developer Nakheel to form a property joint venture company known as Tashyed.

The companies dedicated start-up capital of USD 544.5 million to Tashyed to undertake real estate developments across the UAE.

GE Capital Sukuk Ltd.

November 2009: GE becomes the first household American name to issue an Islamic sukuk bond. The issue is co-lead by Goldman Sachs and Citigroup. The prospectus clearly talks about Shariah Scholars and boards and dollars sent to charity; however, there is NO transparency or disclosure that "charity" includes Islamic centers, mosques, CAIR, and any other groups that promote Islam, nor is there disclosure that over 27 Shariah Islamic Charities have been shut down or designated as sponsors of terror. Also, there is no complete listing of Shariah rules and principles, despite wording that this investment complies with Shariah rules and principles.

Goldman Sachs

In November 2009 Goldman Sachs and Citibank made Sukuk an American household name by teaming up with GE to create a $500 million Islamic bond.

HSBC

HSBC Amanah - Global Investment Bank division of HSBC group that created the first two Shariah Mutual Funds offered in the US.

http://www.hsbcamanah.com

2005: Shariah Innovation of year: HSBC Amanah Islamic Wealth Management offeres every kind of Islamic investment possible to date. Huge innovator of Islamic Insurance “takaful” product.

HSBC Amanah has won the following awards:

Euromoney Awards:

  • Best International Provider of Islamic Financial Services (2004)
  • Best International Sukuk House (2004)
  • Best Islamic Wholesale Bank (2005)
  • Best for Private Banking Services (2005)

Best Sukuk Issuer (Aug. 2009) (http://www.worldfinance.com/news/home/awards/article720.html)

Shariah Advisors:

  • Sheikh Nizam Yaquby
  • Sheikh Dr. Mohamed Ali Elgari
  • Sheikh Dr. Muhammad Imran Ashraf Usmani
  • Hussain Hamid Hassan
  • Muhammad Taqi Usmani (recently removed from website)

Iman Insurance Services

Quote from About page on website: “The Iman Insurance Program seeks to bring to you - the Takaful participant - the strength and experience of these conventional Insurers while offering you Takaful based equitable, ethical and Halal products. The Iman Insurance Program is responsible for promoting these products to you and negotiating further product benefits sensitive to the Muslim lifestyle. Iman Insurance Services, L.P. will ensure that it achieves its unique targets to accomplish social corporate responsibility, by donating 50% of its profits to be re-invested in the next generation of our communities.” Where are profits/zakat going?

JP Morgan Chase

J.P. Morgan's Islamic Banking group is dedicated to developing new products and services that observe and respect Sharia-compliant ethical principles. Its main goal is to provide Islamic banking solutions to clients with increasingly sophisticated financing needs and requirements.

The market has seen a huge change in Islamic-tailored products and services and demand is increasing for the use of innovative capital market solutions alongside traditional bank loans. Investors are turning more to hedge funds and are adopting derivatives-based structured products. The development of the Sukuk, the Islamic equivalent of a bond, is also revolutionizing bond trading.

By leveraging our unique structuring platform and by accessing our unparalleled investor base, J.P. Morgan is leading the way in Sukuk financings. Our other Islamic services include:

  • Debt and equity capital markets
  • Investor product platform
  • Cash management and Murabaha liquidity products
  • Risk Management products
  • Asset Management Funds

UBS

http://www.ibb.ubs.com/mc/islamicfinance/sharia_principles.shtml

http://www.ibb.ubs.com

Founding member of the first Shariah Compliant stock exchange DIFX Dubai International Financial Exchange in 2005. UBS Islamic Finance started in 1998. Official Noriba Islamic subsidiary in 2002.

The US$300m offering for Maybank Sukuk Inc last year was named "Best Sukuk Deal of the Year 2007" by Euromoney and "Best Malaysia Deal 2007" by the Redmoney Group publication Islamic Finance News. http://www.ibb.ubs.com/News/feb08.shtml

Focus on “Wealth Management” claims to be #1 in world. May be the largest Islamic Banking operator in Europe.

Shariah Advisors:

  • Sheikh Nizam Yaquby
  • Dr. Abdul Sattar Abu Ghuddah
  • Dr. Mohamed Elgari

Washington Mutual

Now owed by Chase

Zayan Finance


Hedge Funds:

Millenium

Blackrock

Blackstone

Paulson & Co.

Ospraie Capital Management


Consulting Firms:

Shariah Capital

www.shariahcap.com

Shariah Capital is a U.S.-based company that creates and customizes Shariah compliant financial products and platforms and provides selective Shariah consulting and advisory services primarily to global financial institutions and investment firms with product initiatives directed to Islamic investors.

The company is best known for its pioneering efforts in Shariah compliant hedge funds. It developed a proprietary software engine for screening stocks electronically, devised a Shariah compliant, arboon-based short sale methodology, and modified prime brokerage documentation that led to the first Shariah compliant hedge fund and fund of hedge funds. Shariah Capital was awarded the prestigious Master of Islamic Funds Award in 2007 in the "Best Innovation/New in Islamic Funds" category and named "Best U.S. Islamic Financial Services Firm" in 2008 by Global Finance magazine.

Shariah Capital is publicly traded on the Alternative Investment Market (AIM) of the London Stock Exchange (trading symbol: SCAP.L). Financial statements, audited by Rothstein Kass, are publicly disclosed. It reports to the Financial Services Authority (FSA) in the U.K. and is registered and licensed by the Dubai International Financial Centre (DIFC). The company is incorporated and headquartered in the United States and operates a regional office in Dubai.

Shariah Capital's major shareholders include Eric Meyer, Chairman and CEO, and the Dubai Multi Commodities Centre Authority (DMCCA), an agency of the Dubai government. Approximately 20% of Shariah Capital's shares are in the public float. In 2009, Mr. Meyer received the "Special Merit Award for Outstanding Industry Contribution" for his work developing Shariah compliant hedge funds and funds-of-funds.

Shariah Capital draws upon world-class Shariah scholars to form separate Shariah boards for each of its projects. Its affiliated scholars include Sheikh Nizam Yaquby (Bahrain), Dr. Mohd Daud Bakar (Malaysia), Dr. Mohammad Abdul Rahim Sultan Al Olama (UAE), Dr. Yousef Abdullah Al-Shubaily (Saudi Arabia) and Shaykh Yusuf Talal DeLorenzo (United States), Chief Shariah Officer of Shariah Capital. Shaykh Yusuf, an internationally-recognized Shariah scholar, is a full-time executive of Shariah Capital and a member of its Board of Directors. Shariah Capital is a member of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Shaykh Yusuf, Sheikh Nizam, Dr. Daud and Dr. Al Olama all are members of the AAOIFI Shariah Board.

In 2007, Shariah Capital jointly announced with Barclays Capital the development of the Al Safi Trust, a comprehensive Shariah compliant platform for alternative investments. Designed as a "one-stop" platform primarily for single strategy hedge funds, Al Safi provides Shariah screening and arboon-sale solutions along with prime brokerage, administration, and trustee oversight within a pre-established Cayman trust framework. The Al Safi Trust was named "Best Islamic Alternative Product" at the Hedge Funds World Middle East Conference in 2009.

In 2008, DMCCA purchased a 4.99% equity position in Shariah Capital. DMCCA's Chief Executive, Malcolm Wall Morris, currently serves on the company's board of directors. Later that year, Shariah Capital formed a joint venture, Dubai Shariah Asset Management (DSAM), with Dubai Commodity Asset Management (DCAM), a wholly-owned division of DMCCA. DCAM, an investment company licensed by the UAE Central Bank, develops and distributes Shariah compliant, commodity-linked investment products in the UAE. DSAM distributes in multiple markets outside the UAE. The first four hedge fund strategies were funded by DMCCA in 2008 with $50 million each and registered on the Al Safi Trust platform. Along with an equally-allocated fund-of-funds comprised of the four strategies, the DSAM Kauthar Commodity Fund, they are marketed under the "DSAM Kauthar" brand name.

The DSAM Kauthar funds have received numerous performance awards. Barclay Hedge, an independent hedge fund research organization with a database of over 5,800 hedge funds, ranked the DSAM Kauthar Gold Fund, Ltd. in its Top 10 of Metals & Mining hedge funds based on its monthly performance in September-October-November 2009, and January-February-March, and May 2010. In 2010, this fund also received the MENA Fund Manager Award for "Outstanding Performance and Innovation." At the Hedge Funds World Middle East 2010 conference, the DSAM Kauthar Commodity Fund (DKCF) received the "Best Fund-of-Funds" Award and DSAM the "Best Shariah Compliant Product Provider" Award. DKCF likewise won the 2010 Failaka Islamic Fund Award for "Best Islamic Fund of Funds."

Shariah Advisors:

  • Eric Meyer, President, Chief Executive Officer, and Executive Chairman

    In 1998, Forbes magazine identified Eric Meyer as “an emerging force” in hedge fund investing. In 2005, Banker Middle East magazine identified Mr. Meyer as “a pioneer in Islamic finance.” Today, as President, Chief Executive Officer and Executive Chairman of Shariah Capital, Inc., Mr. Meyer is widely recognized for his skill and creativity within the worlds of both Western finance and Islamic banking.

    Initially, Mr. Meyer established himself as this pioneer of Islamic products with his creation of Meyer Fund Management in 2005, and its predecessor Meyer Capital Partners in 2001 where he served as founder and CEO, respectively.

    Mr. Meyer has been, or is a member of over 10 private company boards of directors, as well as a general partner of a number of investment funds. He has served on the boards of both NASDAQ and LSE-listed companies.

  • Joseph Gau, Managing Director and Board Member

    Initially responsible for business development, product placement, and investor relations, Mr. Gau today contributes in a senior role to a wide range of Shariah Capital's operations, including corporate strategy and new product initiatives.

    Prior to joining the firm in 2003, Mr. Gau had a distinguished 25-year career in Middle East private banking and, more recently, marketing for hedge funds in the United States. Traveling regularly to Saudi Arabia, Kuwait and the countries of the Gulf to meet with high net worth investors and selected institutions, Mr. Gau held the position of Vice President and Head of the Middle East and Africa division for The Citibank Private Bank in New York for over 13 years. Subsequently, he worked in New York for Banque Indosuez, a French bank, Coutts & Co., a British private bank, and Merrill Lynch, the global brokerage firm, all in a senior capacity where he contributed to building their Mideast private banking businesses.

    Mr. Gau received his B.A. from Brown University where he majored in International Relations with a concentration on Middle Eastern studies. As part of his major, Mr. Gau completed an honors thesis on Iran which involved travel to and research in remote villages in that country.

  • Shaykh Yusuf Talal DeLorenzo, Chief Shariah Officer and Board Member

    Shaykh Yusuf Talal DeLorenzo, Chief Shariah Officer at Shariah Capital, is a scholar of Islamic Transactional Law whose 30 year career was featured in an August 2007 front page story in The Wall Street Journal. Based in the Washington, DC area, he has served as a Shari’ah advisor to dozens of international financial entities, including index providers, institutional investors, home finance providers, international investment banks and a variety of asset managers.

    Shaykh Yusuf is the author of the three volume Compendium of Legal Opinions on the Operations of Islamic Banks, the first English/Arabic reference on the fatwas issued by Shari’ah boards. In addition, Shaykh Yusuf wrote the introduction to Islamic Bonds, the 2003 book that introduced Sukuk and transformed the world's Islamic capital markets. His work has appeared in academic and industry journals and as chapters in books, including Euromoney's Islamic Asset Management (2004), Islamic Retail Finance (2005), and Islamic Finance: Innovation & Growth (2002). His entries on the terminology of Islamic finance appear in The Oxford Dictionary of Islam.

    Shaykh Yusuf is often featured as a key note speaker at conferences and seminars worldwide. He was a special consultant to the Asian Development Bank and the Islamic Development Bank on their joint project for the Islamic Financial Services Board (IFSB). Shaykh Yusuf is a member of the Council of Scholars, ISRA, Central Bank of Malaysia and a member of the Governing Council of the International Centre for Education in Islamic Finance (INCEIF) in Malaysia. Shaykh Yusuf recently was appointed a member of the Shariah Board of the Accounting and Auditing Organization of Islamic Financial Institutions (AAOIFI).

    Shaykh Yusuf served as Advisor on Islamic Education to the President of Pakistan from 1981-1984. His career has also been noted in The Financial Times, The New York Times, Fortune, Forbes, The US News and World Report, Newsweek, CNBC, Conde Nast Portfolio, The Middle East Banker, and others.

  • Mohammad Jamjoum, Non-Executive Director & Board Member

    Mr. Jamjoum has over 35 years of experience in Middle East banking. Following an extended career with Chase Manhattan Bank in New York and Bahrain, Mr. Jamjoum during the 1990's was the general manager and CEO of Doha Bank, Jordan Kuwait Bank and Jordan Gulf Bank.

    More recently, he has acted as a consultant and advisor to various financial institutions in the Gulf. In 2000, Mr. Jamjoum spent two years as an advisor to the Reconstruction and Development Bank of Bosnia & Herzegovina. Subsequently he was an advisor to Qatar Islamic Bank where he was responsible for establishing expansion projects in Malaysia, the United Kingdom and the United States. In his latest assignment, Mr. Jamjoum was the CEO of Trust Bank-Algeria.

Articles:

http://www.shariahfunds.com/news/images/Master%20of%20Islamic%20Funds%20Award%20%20Press%20Release%2020%20Nov%2007.pdf


Credit Cards:

Mastercard

Offers Shariah Mastercard Debit Card

http://www.businessweek.com/globalbiz/content/aug2008/gb2008085_091941.htm?chan=top+news_top+news+index_global+business

VISA

Offers Shariah compliant credit cards

http://www.creditcards.com/credit-card-news/shariah-compliant-credit-cards-1273.php

American Express

Offers Shariah compliant credit card

http://www.maybank2u.com.my/mbb_info/m2u/public/personalDetail04.do?channelId=CRD-Cards&cntTypeId=0&cntKey=CRD01.22&programId=CRD01-CreditCards&chCatId=/mbb/Pers

 

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