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"Elaf Bank is keen on working closely with Islamic banks in the region and develop strong relationships with the view of syndicating large transactions in the future whether it be Sukuk or equities and in order to raise the overall profile of this niche industry that is becoming mainstream in the region. Shamil Bank of Bahrain is an institution with which we intend to develop such a relationship and we look forward to further join hands on interesting transactions,"
said Dr. Jamil El Jaroudi, CEO of Elaf Bank.
"Shamil's Bosphorus Modaraba is a unique, high-return investment vehicle that provides our customer base in the region with the opportunity to capitalize on the growth of the Turkish economy. We are pleased to partner with Elaf Bank, Bahrain to further develop the Beylikduzu real estate project, a key investment within our Modaraba," said Faisal M. Al-Alwan, CEO of Shamil Bank.
"The Republic of Turkey is definitely one of the emerging markets which we have on our radar and through our shareholders a presence was established there a couple of years ago. We are definitely entertaining more deals in that market. As far as this deal is concerned, tenure, returns, risk, and security coverage were all carefully assessed and found to be acceptable to close it successfully. We know Shamil and the Turkish partners and would pursue potential joint ventures in that market soon if profitable," said Mr. Ahmad Tayara, the General Manager for Investment Banking at Elaf Bank.
"The Murabaha was extended in connection with a single investment within the Modaraba, namely the Beylikduzu real estate development project. The use of proceeds would allow the Modareb and its Turkish partners to acquire an additional plot of land adjacent to the existing plot, straighten any shape irregularities that existed previously, and have full access to one additional road making the final plot a perfect rectangle surrounded by three roads one of which is a major highway in Istanbul, as well as enhancing its sale value. Overall, we are projecting a return of investment of close to 60% for the Bosphorus Modaraba, based on a conservative mix of assets catering for different market niches, activities and geography," said Abdul Hakim Khalil Al-Mutawa, Head of Private Banking, Shamil Bank.
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Posted by Siba Sami Ammari
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