Dubai – Mubasher: Amanat Holdings has unveiled plan to attain Sharia-compliant status.

Under this scheme, Amant has transferred AED 700 million from its outstanding cash from conventional deposits into Sharia-compliant deposits with Islamic banks in the UAE, according to a bourse statement released on Thursday.

The remaining deposits amount to “27% of the Company’s total assets, which is below the threshold of 30% required to be Sharia-compliant. These are expected to be utilised quickly,” to further boost the company's investments in the healthcare and education sectors, Amanat revealed.

The Dubai-listed firm invests solely in healthcare and education with 51% of its investments in Saudi Arabia and the remaining 49% in the UAE.

“Our vision is to be the investment partner of choice in health and education and we aspire to expand our geographic reach beyond our core market, the GCC,” Amanat’s chairman Hamad Abdullah Al Shamsi said.