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by Stockwatch Business Reporter

The TSX Venture Exchange declined 3.77 points to 638.74 Thursday. Salim Ansari has filed a final prospectus to list his first capital pool shell, Nurcapital Corp. Ltd. All Group Financial Services Inc., a small brokerage firm on Bay Street, will sell the shell's initial public offering of between five million and 9,975,000 shares at 20 cents.

Last January, Nurcapital sold 1.05 million escrow shares at 10 cents. The largest shareholder, with 600,000 escrow shares, is Salim Ansari, the shell's 70-year-old chief executive officer and chief financial officer. Mr. Ansari is a chartered accountant, a director of All Group Financial (the broker listing this shell) and a Muslim businessman. He is the founder and president of An-Nur (Ontario) Cooperative Corp. Ltd., a Toronto company that specializes in Shariah-compliant financing and investments, particularly residential and commercial real estate. An-Nur (Ontario) Cooperative is managed by "a group of experienced and sincere Muslim professionals who are dedicated to serve you/the community only for the pleasure of Allah (SWT)." Nur is a common Arabic name meaning light, and An-Nur, the 24th sura of the Qur'an, means "the light." Shariah-compliant financing and investment companies such as Mr. Salim's An-Nur are prohibited from charging interest, but there are a variety of ways to get paid without charging interest, including Ijara (leasing or renting), Musharaka (shared equity and declining balance partnership) and Murabaha (cost-plus basis).

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