March - May 2004
The Bahrain Property Fund has been launched by Manama-based International Investment Bank (IIB) for public and institutional subscription.
IIB expeects the fund to raise 10m Bahraini dinars.
The UAE's Al Fahim Group and four high net worth individuals from Saudi Arabia and Bahrain have committed up to 3m dinars as seed subscription.
Ten million dinars will be raised by issuing 1m investment units at 10 dinars. The minimum investment is 200 investment units (2,000 dinars) for individual investors and 5,000 investment units for institutions. The fund has a fixed period of five years and could be extended for up to two one-year periods.
IIB chairman Saeed Abdul Jalil Al Fahim said: “The fund is the first of its kind providing investors from Bahrain, GCC and expatriates domiciled here with an historical access through public offering to invest in the domestic real estate market in Bahrain. Its proceeds will be invested in a Shariah-compliant manner, in a real estate portfolio with a number of prime income generating properties."
IIB expects to pay quarterly cash dividends of 7-8.5% annually of the total subscription in the fund upon full deployment of funds.
The Bahrain Property Fund has been launched by Manama-based International Investment Bank (IIB) for public and institutional subscription.
IIB expeects the fund to raise 10m Bahraini dinars.
The UAE's Al Fahim Group and four high net worth individuals from Saudi Arabia and Bahrain have committed up to 3m dinars as seed subscription.
Ten million dinars will be raised by issuing 1m investment units at 10 dinars. The minimum investment is 200 investment units (2,000 dinars) for individual investors and 5,000 investment units for institutions. The fund has a fixed period of five years and could be extended for up to two one-year periods.
IIB chairman Saeed Abdul Jalil Al Fahim said: “The fund is the first of its kind providing investors from Bahrain, GCC and expatriates domiciled here with an historical access through public offering to invest in the domestic real estate market in Bahrain. Its proceeds will be invested in a Shariah-compliant manner, in a real estate portfolio with a number of prime income generating properties."
IIB expects to pay quarterly cash dividends of 7-8.5% annually of the total subscription in the fund upon full deployment of funds.
© Islamic Banking and Finance 2004
