Kuwaiti and U.S. Firms Form Company to Select Investments for Islamic Investors.SAN FRANCISCO--(BUSINESS WIRE)--Aug. 16, 1999-- A Kuwaiti investment company and a U.S. equities manager are forming a new company, Global Securities House, Ltd., to develop and manage investment vehicles governed by Islamic principles. The partners are Securities House, Ltd., a Cayman Islands Cayman Islands (kā`mən), British dependency (2005 est. pop. 44,300), 100 sq mi (259 sq km), comprising three islands in the West Indies. registration, owned by The Securities House, K.S.C.C, based in Kuwait, and Global Alliance Value Investors, Ltd., based in Lafayette, Calif. The Securities House is a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services firm, with $500 million under management, whose stock is listed on the Kuwait Stock Exchange. Global Alliance, commonly called GAVIL, is a member of the Cypress Group, based in Boston. The name, Global Securities House, was chosen to convey that it will invest internationally. The firm is being incorporated in Delaware and registered with the U.S. Securities and Exchange Commission. Principals of the Kuwait firm who will sit on the board of the new firm are Ibrahim Al-Ghanim, who is vice chairman of The Securities House, and Fuad Al-Shehab and Fahed Boodai. The GAVIL representatives are Nancy Tengler, the chief executive, and her associate, Noel F. Dedora. Compliance with Islamic rules and principles will be supervised by a Sharia board headed by Dr. Abdul Sattar Abu Ghuddah and Sheikh sheikh or shaykh Among Arabic-speaking tribes, especially Bedouin, the male head of the family, as well as of each successively larger social unit making up the tribal structure. The sheikh is generally assisted by an informal tribal council of male elders. Nizam Yaquby. Dr. Abu Ghuddah holds licenses and in Sharia and in Law from Damascus University, holds Masters degrees in Sharia and Hadeeth, and has received a Ph.D. in Sharia (Comparative Fiqh Fiqh (Arabic: فقه) is Islamic jurisprudence. It is an expansion of Islamic law, complemented by the rulings of Islamic jurists to direct the lives of Muslims. ) from Al-Azhar University. He has been Sharia Advisor of several Islamic financial and banking institutions. He is a member of the International Islamic Fiqh Academy Sheikh Yaquby is a member of the Islamic supervisory boards of several Islamic institutions, including the Arab Islamic Bank and the Abu Dhabi Islamic Bank Abu Dhabi Islamic Bank (appr. ADIB) is an Islamic bank based in Abu Dhabi city, in the United Arab Emirates. Establishment Abu Dhabi Islamic Bank was established on 20th May 1997 as a Public Joint Stock Company through the Amiri Decree No. 9 of 1997. . His work has appeared in a number of Islamic publications In addition to U.S. equities, Global Securities House will select managers for a number of asset classes in various global territories. "Our objective," explains Mr. Al-Ghanim, the chairman, "is to identify and qualify managers with superior track records who are prepared to follow Sharia principles." |
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