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The maximum offer of the Mudarabah fund is Dhs624m with the Bank co-investing its own proprietary monies in the fund up to Dhs110m.
The Mudarabah proceeds will be used to acquire 85% equity interest in Global Logistix RIA Company, Cayman Islands, which has been established with the principle purpose of acquiring a plot of land measuring approximately 400 acres, to develop an integrated logistics park in Navi Mumbai.
The profit on the underlying Investment will be generated through the sale of undeveloped land plots as well as developed warehouses within the project over the course of the investment term.
'The Indian economy is now booming and has become the world's tenth largest economy. The impact of this boom has started to show on the real estate sector as well, with Indian individuals, retail and corporate consumers craving for better quality real estate projects. We would like to provide the opportunity for our customers to benefit from this boom. One of the most effective ways is by offering this exclusive opportunity to our customers through a well thought out investment product,'
commented Mr. Ibrahim Fayez Al Shamsi, CEO of Emirates Islamic Bank.
The Restricted Mudarabah Investment fund is open to the public starting 20th of August 2008, with a minimum investment amount of Dhs500,000 & any additional amounts in multiples of Dhs100,000.
The expected investment period of the fund is 36 months from the date of commencement, with an option to extend by an additional 12 months. While the expected return on investment is 60% during the investment period of the fund.
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Posted by Siba Sami Ammari
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