ABC Islamic Bank in $100m general syndication for Kuwait's 'Munshaat'

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About Munshaat Real Estate Projects Company K.S.C.

Munshaat Real Estate Projects Company K.S.C. is a Kuwait-based real estate company established in April 2003 and founded by its original shareholders AREF Investment Group and the International Leasing & Investment Company. The company was listed on the Kuwait Stock Exchange in November 2007.

The company performs its activities in accordance with Islamic Shari'a principles. Its main activity is real estate services both locally and outside Kuwait, that include establishing and managing real estate funds, managing financial and real estate portfolios for its account and on behalf of other entities and providing consultancy services. The company's major business is servicing residential projects in Makkah and Madinah where it has established a track record of securing usufruct rights of properties and distributing lease rights to retail investors. Its major projects include the Zamzam Tower project in Makkah, Al Safwa project in Makkah and the Dar Al-Qiblah Tower in Madinah. The unique location of its projects and the growing demand for Sukuk Al Intifaa from all over the Muslim world underpin its strong financial performance.

For the financial year 2007, Munshaat reported a significant increase in assets which rose by 45.6% to KD257.26m. The share capital of the company increased by KD8m to KD28m during the year. The net income was recorded at KD27.39m as of the financial year end.

About Athman Investment Company

Athman Investment Company is a closed Kuwaiti investment company incorporated in November 2006. It has a paid up capital of KD16.5m and specializes in Shari'a compliant asset management and investment banking activities. The company provides financial services to Aref Investment Group, and its more than 40 local and international subsidiaries and associated companies. It currently has over $300m in funds under management.

About ABC Islamic Bank
ABC Islamic Bank is regulated by the Central Bank of Bahrain and provides a full range of Shari'a-compliant financial services including investment, capital markets and commercial banking. It is wholly owned by Arab Banking Corporation which is itself majority owned by state shareholders of Kuwait, Libya and Abu Dhabi.