Abu Dhabi The Islamic Globe, a weekly electronic newspaper on Islamic finance, is to cease publication due to a lack of cash reserves. This comes exactly a year after the e-newspaper was launched.
The paper, which comes out every Wednesday, had two announcements published on its website Wednesday — one by its managing editor John Foster and another by its founder Paul McNamara.
"We are not so much closing down as taking a break," McNamara wrote. "Right up until the day of publication we had been promised the support of three major advertisers but as had happened so many times over the past year, these promises proved to be hollow."
The Islamic Globe is published by Eaglemont Media, based in the UK with offices in the UAE, Australia and Brunei.
"It's been a turbulent ride," Foster wrote. "Like many businesses across the world, we've been credit-crunched."
No payments
According to Heba Hashem, a Dubai-based freelance journalist and contributor to The Islamic Globe, the announcement "downplays the whole shutdown by saying it's temporary," she said. "From the way it's written, they are treating it like a joke."
"They emailed saying that their cash reserves have run out, and they will shut down the paper very soon," said Heba, when asked when she first learned about the news.
In an email sent to Heba on Sunday, McNamara writes: "At present Eaglemont Media has no cash reserves to make any payments. When the company receives payments from clients, it will be in a position to settle outstanding invoices. We will let you know when the position changes."
