A Few Guidelines for Islamic Finance Found in the Sharia
A businessman with more than 30 years of experience, Farooq Arjomand serves as the founder and chairman of Arjomand Group, which includes 15 subsidiaries throughout the United Arab Emirates. In addition to overseeing the growth of his company, Farooq Arjomand holds the vice chairman position on the Executive Committee of Amlak Finance, of which he is a founding member.
Established in 2000, Amlak operates as an Islamic finance company, and as such, it complies with the regulations set forth by Sharia law. The Arabic term “Sharia” refers to a path that must be followed and one that leads to water, and the principles of the law stem from the Quran. In the environment of finance, Sharia, or Islamic Law, prohibits the offering of interest on real estate sales and outlines viable leasing programs as alternatives.
In addition to property leases, Islamic law offers guidelines for ethical investments that preclude purchasing stock in such industries as gambling and alcohol production. Further direction found in the Sharia ranges from sharing risk and profits to eliminating contractual uncertainty.