Islamic Investment Company of the Gulf: Western ethos, Islamic techniques

A large number of Islamic financial institutions lack strength in their approaches and opt to cover this reality with idealism. Such is not the case for the Islamic Investment Company of the Gulf (IICG). IICG uses 'Swot' analysis in order to assess its stand relative to its competition. The institution is owned by Dar al-Maal al-Islami, a body with its headquarters in Geneva. A number of Islamic banks in operation today do not have young managers. IICG appears to have adequate strength in three key area--capital base, clear strategy from a purpose-minded board, and capable management. The religious board plays an important role. IICG is quick in making its approval decisions. The body has five divisions. The profits of the firm last year were $11.9 million. Equity holders received 29% returns and shareholders got 41%. Amongst the techniques used by IICG are murabaha (cost-plus financing), istisna (working capital finance), and ijara (fixed term leasing). Iqbal Khan, IICG'