Capitas Group International in the News - 2013-01-21
Islamic finance is increasingly being called upon to provide solutions to real world scenarios. Here in Saudi Arabia, a marked increase in housing supply is needed to satisfy the rapidly growing demand. This will require targeted interventions to boost the output of housing to the market. In countries such as Oman and Morocco, the groundwork for Islamic finance is being laid through the passage of new regulations which will pave the way for the launch of dedicated financial institutions to serve their markets.
The articles below highlight recent coverage of the work CGI's Financial Platforms team is doing for Saudi Arabia to support small and medium housing developers as well as in Oman where we will be developing new platforms for real estate and SME finance in cooperation with Bank Nizwa, the first Islamic bank in the Sultanate. We hope you enjoy these articles which discuss the dynamic changes taking place and some of the projects we are working on.
As always, we welcome your thoughts and comments.
Capitas Group International
|Launch of a New Company, Demand for Housing to Reach 2.4 Million Units by 2020; Crisis of Confidence between Developers and Financiers (Jan 2013) (Story in Arabic)|
A recently released real estate report clarified that Saudi Arabia needs to support small and medium developers who would actively provide more houses for individual home buyers. Meanwhile, a new financing company is expected to be launched targeting these small and medium developers.
The report pointed out that plans by the Saudi government, to build 500 thousand housing units, will not satisfy the future demand of the Saudi housing sector in light of the increased growth in Saudi population, and other challenges. Read more here.
Direct Link: Asharq Al Awsat
|Bank Nizwa and Capitas Group International Collaborate to develop specialized Islamic Financial Services|
Bank Nizwa, the first Islamic bank in the Sultanate of Oman, recently signed a Memorandum of Understanding (MOU) with Capitas Group International (CGI), a leading management firm specialising in Shari'a compliant finance. Under the MOU, both firms will collaborate to create specialized financial platforms in the Sultanate by tapping into their combined skills and resources, brought forth by the alliance. Read more here.
Direct Links: Times of Oman | Oman Daily Observer | Oman Tribune | Muscat Daily |