TORONTO, July 22 /CNW/ - Ansar Financial and Development Corporation ("AFDC") announced that it has subscribed for common shares representing a 49% interest in A Fin Investments Ltd. ("AFIL"), a private Alberta-based land holding and development company, for two hundred and forty-five thousand dollars ($245,000.00). This subscription amount, along with subscription proceeds from other AFIL shareholders, combined with an additional seven hundred thousand dollars ($700,000) in subscription proceeds from all AFIL shareholders agreed by such shareholders on July 6, 2010 (three hundred and forty three thousand dollars ($343,000) of which shall come from AFDC and which will allow for AFDC to maintain its 49% ownership interest in AFIL), will enable AFIL to acquire certain residential lots in Leduc, Alberta (the "Residential Lots"). It is the intention of AFIL to resell the Residential Lots, many of which are in the process of being readied for sale and range in frontage from 25 feet to 40 feet, to builders in the near future. AFIL, as well as all of its shareholders (other than AFDC), are related parties to AFDC and are managed by Messrs. Nasim and Jalaluddin, two of the directors of AFDC.
About Ansar Financial and Development Corporation
AFDC is a real estate corporation which holds properties located in the province of Alberta and provides investors with an opportunity to generate income through investments that comply with Islamic Sharia law as it relates to finance. Unlike many real estate acquisition and development corporations which secure mortgages and/or incur other forms of debt in order to finance their activities, AFDC's activities are financed solely through capital invested by its beneficial shareholders, thereby avoiding the need to incur debt and pay Sharia law-prohibited interest.
SOURCE ANSAR FINANCIAL AND DEVELOPMENT CORPORATION
For further information: For further information: Pervez Nasim, Chairman and Chief Executive Officer, (416) 609-1895