The new fund is the latest in a growing portfolio of funds launched by the bank to help its investors enter growing property markets around the world.
The Jawhara fund is designed to help investors capitalize on the emergent real estate sector in Qatar, one of the fastest growing real estate markets in the GCC.
The Restricted Mudarabah Investment fund is open to all and the RIA commences on the 15th of April 2008.
The offering amount of the close-ended Mudarabah Fund has an upper limit of Dhs276m with the Bank co-investing its own proprietary money in the fund to the tune of Dhs183m.
The minimum investment amount is Dhs500,000 and further investments can be made in multiples of Dhs100,000.
'Qatar is on par with the best in the world when it comes to having a solid foundation for growth, and is progressing at a rapid pace' said Mr. Faisal Aqil, General Manager retail banking of Emirates Islamic Bank.
'Real estate is a sector which will be one of the first beneficiaries of progress, as the demand for living in a developing nation is always on the rise. We want our investors to capitalize on this boom, and the Jawhara Fund is the perfect window of opportunity for them' he added. The expected investment term of the fund is 24 months from the date of commencement, with an option to extend by an additional 12 months. The fund's profit sharing ratio is 75% in favour of the Applicant, with the Bank's share being 25%.
A 266,567 square meter land site has been identified in the Lusail area in Qatar, and this will be the prime area of focus for the fund.
The subject site was chosen to be acquired and developed into Jawhara Greens after an exhaustive market research and thorough analysis.
All the required ancillaries and infrastructure needed for a development of this nature to succeed have been identified, and the development partners have a proven track record in and around the region.
The expected gross profit on the underlying investment is a 40% return, with the applicant expected to get a 30% profit on his investment.
Emirates Islamic Bank launches the Jawhara RIA Fund
Emirates Islamic Bank, one of the leading Islamic financial institutions in the region, has announced the launch of the Jawhara Greens RIA Fund.
- United Arab Emirates: Wednesday, April 02 - 2008 at 12:51
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About Emirates Islamic Bank:Emirates Islamic Bank opened its doors in October 2004 with a mission to provide consumers in the UAE with effective and innovative Shari'a-compliant financial solutions.
The Bank offers a range of Shari'a compliant products and services conforming to the highest standards of Islamic finance and all its activities are overseen by a Shari'a board comprising several prestigious scholars of Islamic law.
On the retail side, the bank has an array of products, such as a full range of credit cards including Visa Infinite Card; Manzili Home Finance, Intaleq Car Finance, and many other products. The bank has also launched Al Reem Ladies Banking, a specialized banking service designed to cater to the banking and financial needs of women in the region.
The bank also offers Ethmar Priority banking to suit the demands of the high-net-worth clients.
Emirates Islamic Bank is very active on the Corporate Banking level, seeking exceptional investment opportunities in the local as well as the regional market. Within almost three years of its inception Emirates Islamic Bank has managed to position itself as one of leading financial players in the UAE's banking sector. The bank's rapid growth and success is mainly due to its continued successful launch of Shari'a compliant products, services and other key business initiatives.
EIB is headquartered in Dubai and employs more than 800 staff.
Posted by Eman HassanWednesday, April 02 - 2008 at 12:51 UAE local time (GMT+4)
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