Unicorn Investment Bank (UIB) appoints the Bank's Chairman during its first Annual General Meeting and Board of Directors

The Chairman Sheikh Yousef Al Shelash announced the completion of the first closing for raising the capital for Unicorn Investment Bank at USD 111 million and stated that the constitutional assembly was held on May 5th, 2004 followed by the Board meeting. He further extended his gratitude to UBS Investment Bank for their engagement as the financial advisor and global placement agent.

The Board has appointed Majid Bader Al-Refai as Chief Executive Officer (CEO) and Managing Director and Taher Darwish Makkiyah as Chief Operating Officer (COO) and authorized them to convene the bank's operations in full compliance with the Islamic Sharia law. Unicorn Investment Bank (UIB) is a Bahrain based Islamic investment bank regulated and authorized by the Bahrain Monetary Agency (BMA).

"We are pleased that we will be operating from Bahrain, the Islamic Banking center of the Middle East," said Sheikh Yousef Al-Shelash following his appointment. "We are thankful to H.E. Sheikh Ahmed Bin Mohammed Al Khalifa, Governor and all BMA officials for their commitment to further promote Bahrain's Islamic financial industry."

Unicorn is developing Sharia-compliant investment products and services for financial institutions and investors. Unicorn's management stated that the bank's success will be based on its ability to demonstrate a high level of excellence across all of its product and service areas by meeting investor expectations through a solid track record of performance in origination and distribution through a world-class management team. Unicorn will pursue opportunities in the UAE market as the UAE enjoys a very healthy and stable economy with many investors seeking Sharia- compliant investment products.

"Unicorn Investment Bank intends to become a leader in developing Islamic capital markets through a fully integrated range of competitive Islamically-compliant financial products based on international banking standards and regulations. In this respect we have appointed a Sharia Supervisory Board which comprises of 7 distinguished scholars from the Islamic world." said Sheikh Yousef Al-Shelash.

"The bank will look to diversify its revenue and income streams through the establishment of five major lines of business offering Sharia-compliant products: Corporate Finance, Private Equity, Leasing, Asset Management, and Treasury to its institutional and high net worth investors," said Majid Bader Al-Refai, CEO and Managing Director and Taher Darwish Makkiyah, COO.