Central and Eastern European Real Estate Fund a hit with investors
MANAMA – 11 May, 2008 – There was strong interest shown among selected investors invited to subscribe to a new EUR150 million Sharia compliant Central and Eastern European Real Estate Fund, which was launched today by Swiss-based Faisal Private Bank, Bahrain-based Shamil Bank and Sharjah Islamic Bank. The Fund, which takes diversified exposure on developmental and income generating real estate assets in Central and Eastern Europe, has a term of five years. The presentation, which was held at the Ritz-Carlton Bahrain Hotel and Spa, was also the first leg of a GCC Road Show, which will then move to Oman on Tuesday (13 May), to Abu Dhabi on Wednesday (14 May) and Dubai on Thursday (15 May). Faisal Private Bank is the investment advisor of the fund, Sharjah Islamic Bank the lead sponsor, and Shamil Bank the sub-advisor and co-sponsor.
“We are very pleased with the response of the Bahrain market to this fund, which is aimed at an informed and sophisticated investor-base with very particular demands and interests. We have also been contacted by investors elsewhere in the region and expect a similar level of interest when we visit Oman and the UAE,” said Faisal Private Bank, Head of Investment Banking, Giovanni Perin.
Sharjah Islamic Bank, Head of Investment Group, Saeed M. Al Amiri added: “Sharjah Islamic Bank, following its own due diligence study, opted to invest in this fund, which presents investors with a very interesting long-term opportunity to enter a fast-growing sector, in a part of the world which is experiencing rapid economic growth. We are confident that it will attract further interest from institutional investors from across the region.”
Central and Eastern European countries have experienced dramatic economic developments, with inward investment flows to various sectors of the economy having clearly demonstrable effects on their real estate sector. This fund is designed to benefit from this growth. The core asset markets of the Fund are Romania, Bulgaria and Poland. Other target markets will include the Czech Republic, Croatia and Ukraine among others.
About Shamil Bank:
Shamil Bank is a Bahrain-based Islamic retail bank licensed and regulated by the Central Bank of Bahrain, with commercial and investment banking activities. It has grown steadily to become one of Bahrain’s leading financial institutions.
Shamil Bank provides a diverse range of products and services that cater to the financing and investment needs of individuals and institutions. Conducting its business in compliance with the principles of Sharia’a, it operates a network of local branches and maintains a presence in overseas markets through its subsidiaries, associated and affiliated companies.
Shamil Bank is a wholly owned subsidiary of Ithmaar Bank BSC, a full service investment bank.
About Faisal Private Bank:
Faisal Private Bank is the first Swiss Private Bank exclusively dedicated to innovative wealth and asset management in accordance with the principles of Islamic finance.
Founded in 1982 in Geneva, then-Faisal Finance was born of an innovative vision of asset management consisting of successfully marrying ethical values of Islamic finance with the traditional Swiss banking model. For more than twenty years, the company has built a large international and local client base in both private and institutional sectors.
Geneva lies at the crossroads of Europe and is the world capital of wealth management. Faisal Private Bank developed holistically, taking advantage of Switzerland’s exceptional climate of social stability and actively participating in the rapid development of Geneva’s financial hub.
About Sharjah Islamic Bank:
Sharjah Islamic Bank is one of the UAE’s leading financial institutions, and it is Sharjah’s largest bank. Established in 1975, SIB formerly known as National Bank of Sharjah, was converted to a fully fledged Islamic bank in 2002. The bank is majority owned by the Government of Sharjah and is listed on Abu Dhabi Securities Market.
The bank has established a strong presence across the UAE, with 20 branches, and it provides a range of Islamic Sharia compliant retail, commercial, corporate, investment and international banking products.
In March 2008, the bank increased its paid-up capital by 100 per cent, from $299 million to US$ 599 million. Its total asset size now stands at $3.2 billion.
The bank is rated BBB (Investment Grade) by Standard & Poor’s (S&P) and BBB+ by Capital Intelligence (CI)
The bank’s subsidiaries includes Sharjah National Hotels, Sharjah Islamic Financial Services and ASAS Real Estate company.
About Ithmaar banking group:
The Ithmaar banking group consists of: Ithmaar Bank, Shamil Bank, Solidarity (an Islamic insurance company), Faisal Private Bank (Switzerland), Faysal Bank Limited (Pakistan), First Leasing Bank and Ithmaar Development Company. The group’s services, including investment, private, retail, and commercial banking, private equity, mergers & acquisition advice, takaful, leasing, and real estate development, form a 360 degrees value chain that embraces the entire spectrum of banking and financial services.