Posted on 07/18/2002 7:53:52 PM PDT by RCW2001
RIYADH, Saudi Arabia - Saudi billionaire investor Prince Alwaleed bin Talal, has invested nearly dlrs 500 million in Citigroup Inc., his office said Thursday.
The prince's purchase came only two months after buying shares worth dlrs 500 million in the same company and brings his stake in Citigroup to about dlrs 10 billion. He first bought shares in the American bank in 1991, when he invested dlrs 590 million, the statement said.
"Citi's share price was attractive to buy," the prince was quoted as saying in the statement.
Alwaleed, a nephew of King Fahd, has shares in Internet companies and blue chip performers ranging from Amazon.com to McDonald's Corp. and Ford Motor Co.
Alwaleed, Citigroup's largest shareholder since 1991, said after the Sept. 11 terrorist attacks that he would invest about dlrs 1 billion in slumping U.S. and European shares.
The billionaire investor ranks 11th on Forbes's list of the richest people in the world.
Citigroup's shares dropped as low as dlrs 34.51 after the Sept. 11 attacks and recently traded only slightly above that level, at dlrs 37.52, down from the 52-week high of dlrs 52.50 set Jan. 7.
Wednesday, Citigroup reported a 15 percent rise in second-quarter earnings, boosted by growth in consumer credit-card, retail-banking and consumer-finance businesses.
Alwaleed, the 44-year-old chairman of Kingdom Holding Co., made headlines after the Sept. 11 attacks when he handed a dlrs 10 million check to New York City Mayor Rudy Giuliani following a visit to the site of the World Trade Center.
However, the Saudi prince also suggested that the United States take a more balanced approach toward the Palestinian cause, and Giuliani returned the check.
In afternoon trading, shares of Citigroup changed hands at dlrs 37.74, up 81 cents, or 2.2 percent, on the New York Stock Exchange ( news - web sites).
While surfing porno sites, IIRC.
Not that there's anything wrong with that...
Let's Ask the Imam
Question 3248 from India:
Q: Can I invest in shares in the Stock market ?
A:TO WHOM IT MAY CONCERN A Muslim can acquire the shares of a joint stock company with the following conditions:
1. The main business of the company must be Halaal (permissible) according to Shariáh. So, a Muslim cannot invest in a company whose main business is Haraam, like the traditional banks, insurance companies, companies dealing in wines, etc.
2. If the main business is Halaal, but it is involved in borrowing money on Interest or placing its funds in an Interest bearing account a Muslim share-holder should raise his voice against this practice in the annual general meeting of the company.
3. When a Muslim share-holder receives a dividend he must ascertain that proportion of the profit of the company which has accrued on its interest-bearing accounts. Then a similar proportion from his own dividend must be given by him to a person or persons entitled to receive Zakaat.
4. If all the assets of a company are in a liquid form and the company has not yet acquired any fixed assets or any stock for trade, then the sale and purchase of shares must be on their par value only. If anyone of these conditions is contravened, the investment in a company is not permissible in the Shari'ah. NB. The above ruling has been issued by Justice Mufti Muhammad Taqi Usmani of the Shariat Appellate Bench - Supreme Court of Pakistan. He is also the Deputy Chairman of the Islamic Fiqh Academy - Jeddah. and Allah Ta'ala Knows Best
Mufti Ebrahim Desai
FATWA DEPT.
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