News that a major Bahrain-based alternative investment bank has increased its investment in US real estate has been welcomed by Alternative Asset Analysis (AAA) as a further sign of the popularity of alternative assets among Muslim investors.
Boston, MA, November 24, 2011 –
Investcorp has just announced the closure of new deals to buy large office complexes in both New York and California’s Long Beach region. It has also recently completed deals to buy office blocks in London.
Other real estate owned by Investcorp includes a $37 million building on Boynton Beach in Florida and a huge 221-unit residential community complex in Atlanta. The latest acquisitions are worth some $300 million, according to reports.
The firms makes alternative investments that are compliant with Islamic laws that prevent people from investing in propositions that could be seen as involving any form of gambling. Investcorp’s president for the Gulf business, Mohammed Al Shroogi, said, “Our historical experience in the US real estate market allowed us to identify and acquire these three Sharia-compliant properties.”
Alternative Asset Analysis
71 Commercial St
Boston, MA 02109-1320
This can be read a few ways. If these sharia compliant properties ban alcohol, pork, movies with explicit content, etc. – then undoubtedly sharia is in affect in the U.S. It could also be that, like many banking schemes, some have realized that the “compliant” part of sharia-compliant is very subjective and this is an easy way to get money from Muslims. Either way, it is being marketed as the application of sharia in the U.S.