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Dubai-based
Almulla Hospitality plans an international chain of 150
Sharia-compliant hotels by 2015. Around 90 are planned in the Middle
East and North Africa, but the remainder will be Europe, Asia and North
America – and Almulla says it will develop non-Muslim brand names.
The
plan is to create three sub-brands – Cliftonwood, Adham and Wings – all
operating under universal Sharia codes (no booze, halal food). Almulla
has signed with the UK’s Jasper Capital Group
to structure the new venture. Jasper Capital chief executive Stewart
Jack has previously worked in the banking industry in the UAE and
managed the development of an Islamic bank project in Europe.
The move is the latest sign the Sharia-complaint sector is maturing.
Previous hotel ventures had been restricted to Muslim countries with
Muslim branding. Almulla belives there is a large enough global
audience to make the concept work in international cities, as well as
the Middle East.
Almulla Hospitality plans to grow its
property portfolio through management contracts, joint venture
investments and selective acquisitions across the world using a variety
of investment structures, Gulf Daily News reports. All financial structures involved will conform to the Islamic ban on interest.
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