ABC Islamic Bank (E.C) and Standard Chartered Bank close USD200 million revolving Murabaha financing facility for Aref Investment Group S.A.K., Kuwait

Notes and media contacts

Company Description
AREF Investment Group S.A.K. is a Kuwaiti closed shareholding company. It was established in 1975 and is listed on the Kuwait Stock Exchange with a paid up capital of KWD43.86 million. AREF enjoys strong principal shareholding which includes Kuwait Finance House (52%), Public Institution for Social Security (13%) and the remaining equity is held by the general public (35%).

AREF is a finance and investment company regulated by the Central Bank of Kuwait, Kuwait Stock Exchange and the Ministry of Commerce. It performs its activities in accordance with Islamic Shari'a principles and holds a significant position amongst the leading regional investment institutions. It maintains a successful track record, offering a wide range of products and services during the past 30 years.

For the year ended December 31, 2005, AREF reported a strong financial performance with net income of KWD33.9 million, a 112% improvement over previous year and total assets at KWD165 million (+18%). Shareholders equity grew 43.5% at KWD83.5million, and retained earnings increased 129% to KWD36.17 million. Leverage stood at 0.98x in 2005 down from 1.4x in 2004. As per the latest interim June 30, 2006 financials, the Company maintained its positive momentum with a 27% growth in net income at KWD1.71 million, a 26% growth in total assets at KWD208 million and a 2.6% increase in shareholders equity to KWD85.6 million.

For further enquiries, please contact:

Arab Banking Corporation (B.S.C.)
John McWall
Head of Syndications
Tel. (+973) 1754 3967
Fax. (+973) 1753 2248

Farrukh Zaheer
Syndications
Tel. (+973) 1754 3238
Fax. (+973) 1753 2248

Standard Chartered Bank
Jonathan Ward
Regional Head of Syndications, MEPA
Tel: +9714 507 0760
Fax: +9714 359 7167

Sanjoy Chowdhury
Sr. Manager, Regional Corp. Affairs, MEPA
Tel: +9714 507 0518
Fax: +9714 359 4174

Aref Investment Group S.A.K. - US$200mm Revolving Murabaha Financing Facility
List of Participating Banks:

Mandated Lead Arrangers
ABC Islamic Bank (E.C.)
Standard Chartered Bank
Abu Dhabi Commercial Bank
Qatar National Bank S.A.Q.
Lead Arrangers
HSH Nordbank AG Luxembourg Branch
National Bank of Dubai PJSC
Qatar Islamic Bank
Raiffeisen Zentralbank Österreich Aktiengesellchaft
Arrangers
Bank Al-Jazira
Commercial International Bank S.A.E., Egypt
Qatar International Islamic Bank
RHB Bank (L) Ltd
Co Arrangers
British Arab Commercial Bank
Bank Muamalat Malaysia Berhad
Banque BIA
BAWAG P.S.K.
Dubai Bank PJSC
European Islamic Investment Bank plc
First Gulf Bank PJSC
LRP Landesbank Rheinland Pfalz
National Bank of Pakistan
The Arab Investment Company S.A.A.
Lead Managers
Abu Dhabi Islamic Bank PJSC
Bahrain Islamic Bank
Hua Nan Commercial Bank, Ltd
The Shanghai Commercial and Savings Bank, Ltd
Al Baraka Islamic Bank