Oct 19 2010
|more articles from|
Capinnova to finance Mecca project
Manama, October 19, 2010 - Capinnova Investment Bank , the Shari'a compliant investment banking arm of BBK offered a US $16.5 million bridge financing facility to support the financing of a religious hospitality project in Mecca. The project consists of a hotel located 1.3 km away from the Haram. The development is in the final stages of completion and will be the first of its kind providing Muslims worldwide (including non-GCC residents) an opportunity to have an interest in Mecca project. The creative structure enables foreign investors return from a hotel asset in the holy city of Mecca through investing in a Cayman Island (Special Purpose Vehicle).
Mr. Jamal Hijres, Chief Executive Officer of Capinnova Investment Bank said: "We are delighted to have participated in this prestigious project in the holy city of Mecca, which turned out to be a rather complex and novel structure. The project will be the first to a series of transactions primarily focusing on Mecca's religious hospitality market. Furthermore, Capinnova has also been appointed as the exclusive marketing agent to place the Cayman Island SPV's shares, which derives 35% returns from the hotel asset in Mecca. Capinnova is planning to utilize the broad network of its parent BBK to identify potential investors, offering them a highly-rewarding secured structured product that meets both the spiritual rewards as well as maximization of investors' wealth".
About Capinnova Investment Bank
Capinnova Investment Bank is a Shari'a compliant investment bank licensed by the Central Bank of Bahrain and is wholly owned by BBK . The bank is well capitalized with an authorized capital of US$500 million and a paid-up capital of [US$151.5] million. The Bank's core areas of business include private equity, asset management and corporate finance. Capinnova 's vision is to be a world class Islamic investment bank offering a range of high quality Shari'a compliant products and services to a diverse clientele including financial institutions, companies & establishments, high-net-worth-individuals and family businesses, regionally and globally. The Bank's mission is to become the Islamic investment bank of choice and a niche player, providing clients in the GCC and the MENA region with superior investment products aimed at building and sustaining shareholder value, whilst maintaining an optimal balance between risks and returns. www.capinnovabank.com.
Head of Corporate Communications
Floor 38, West Tower, Bahrain Financial Harbour
P.O. Box 5507, Manama, Kingdom of Bahrain
Tel. Off.: +973 17101010
Direct: +973 17101006
Prem A. Ramachandran
White Water Public Relations
PO. Box 18936
URL : www.whitewaterpr.com
© Copyright Zawya. All Rights Reserved.
More in Islamic Finance
- UPDATE 1-Korean women scrap meeting Japanese mayor over brothel remarks
- REFILE-Elderly Korean women cancel meet with Osaka mayor over war brothel remarks
- Korean "grannies" cancel meet with Osaka mayor over war brothel remarks
- Solar plane completes second leg of cross-country flight in Texas
- College student snares record long Burmese python near Miami
- There's More