Shamil BankShamil Bank

"Shamil BankShamil Bank's guided investment strategy has seen us exploring opportunities in emerging market locations throughout the world. Our entry into Central and Eastern Europe countries is reflective of our strategic vision of growth; to be present in markets which demonstrate potential and sustained return on investments in the long term," said Shamil BankShamil Bank Head of Private and Investment Banking Group, Abdul Hakim Khalil Al-Mutawa.

"The presence of Sharjah Islamic Bank and Faisal Private Bank in the fund with us is indicative of the strong confidence they have in the underlying assets and real estate market in Central and Eastern Europe. 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," added Al-Mutawa.

Since accession to the European Union (EU), Romania, Bulgaria and Poland have experienced explosive growth in their economies, primarily driven by real estate and property related investments.

"Furthermore, most of these economies are in transitional stages, ahead of their integration into the globalised economy, which is a good reason for international investors to commit to the region. Our fund portfolio will combine income generating real estate assets, as well as investments in developmental projects - a strategy we believe is demonstrative of our philosophy of investing in productive assets and investments which create value for our investors and for the communities we invest in," concluded Al-Mutawa

This fund follows on the heels of Shamil BankShamil Bank's $90 million 'Shamil Bosphorus Modaraba', which was launched in 2007, and invests in Sharia-compliant real estate developments in Turkey. The Bank is projecting a return on investment of close to 60 per cent over the investment term for the Bosphorous Modaraba, which caters to different market niches, activities and locations within Turkey.

-Ends-

Shamil BankShamil 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 BankShamil 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 BankShamil Bank is a wholly owned subsidiary of Ithmaar Bank BSC, a full service investment bank.

About Ithmaar banking group
The Ithmaar banking group consists of: Ithmaar Bank, Shamil BankShamil 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.

For further information please contact:
Tariq Khonji, Assistant Director
PR and Corporate Communications,
Ithmaar Bank on +973 39901721

© Press Release 2008

 

Community Comments (0) - Comment on this article

The opinions of the authors expressed herein do not necessarily state or reflect Zawya. Read our Comment Policy.

 

 

 

close x

Loading ...

 

close x

Report Abuse

Loading ...

 

 

close x

Loading ...