IslamicFinance.de

Cash-rich Islamic lenders are looking to partner with Western businesses that comply with Islamic law, according to a report by The New York Times. The report said there aren't enough acceptable places for Islamic banks to pour their money in, leading American investment bankers to put deals together. Real estate is a popular investment under Shariah since an agreement can be made without requiring interest payments. However, as the banks expand, they are looking to make more diversified investments. One of investments being studied by Islamic banks is that of Continental Rail, a business that focuses on running freight trains up and down the East Coast. If the cars are found to be halal, then it will be one of the first in the US to be completed following Islamic law.

Bahrain-based investment firm Gulf Finance House said that a family consortium led by chairman of English soccer team Leeds United had bought a 5.71 percent stake in the company, estimated to be worth around 28.9 million dinars ($76.6 million).