Arab Investments Ldt. & Unicredit's HRE (Hypo Real Estate)
Arab Investments Ldt.
has started a real estate fond worth € 500 million in Germany. Nothing unusual except for the legal challenge it posed to the real estate experts at Unicredit's Munich based HRE (Hypo Real Estate) bank:
The request made by the managing director of Arab Investments Limited had been that it ought to be compliant with Shari' ah. Simply put, it means that this fond is not to derive earnings through interest rates, which are typically generated through classic Western insurance and banking transactions.
Watch word of the day:
Real Estate on Translationfound:
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Translator + Munich