The total value of the 'Al Islami French Property Fund' is Euro 179 million, with a total equity offering of Euro 30 million and a minimum investment of Euro 100,000 per investor. The net annual return is expected to be 8 per cent, to be distributed quarterly. The fund consists of four high-quality, stabilised commercial real estate entities as well as development properties strategically located in the Parisian office market with major strong-credit tenants.
Mr. Saad Abdul Razak, Deputy CEO - DIB, said: "DIB has always strived to give clients a range of Islamic investment opportunities in order to diversify their investments into new markets and industries, to maximize capital apprication. Last year DIB launched a property fund which has proved very popular. This success led us to create the 'Al Islami French Property Fund'."
Mr. Arif Kooheji, EVP - Investment Banking Group, DIB said: "After proper analysis and studies, Dubai Islamic Bank has selectively invested in the French property market, in order to achieve above average returns in the form of investment yields and capital appreciation."
"We are investing in the French property sector for a number of reasons: the growth of the French economy and the fact that as an asset class, real estate is well-priced relative to stocks and bonds. This makes the French property market the second most mature market in Europe.
"Properties in France often have both commercial and retail uses, giving a premium over other real estate markets. This makes them the most integrated globally, and allows for greater diversification. Leases in France also have higher potential yields and an option allowing lessors to receive fixed rental mark-ups from tenants, protecting them from market cyclicality," explained Mr. Kooheji.
Mr. Moinuddin Malim, VP - Asset Management Department, stressed that investments will not be made in any property rented out to entities whose primary business does not comply with Islamic principles. "Criteria are flexible enough to accommodate a diverse range of opportunities, and designed to provide a balanced portfolio of assets with strong income returns coupled with positive capital appreciation".
"Investing in 'Al Islami French Property Fund' is open to all. Interested investors can visit or call any of our branches in the UAE for further information," concluded Malim.
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DIB launches 'Al Islami French Property Fund'
- United Arab Emirates: Monday, May 24 - 2004 at 16:39
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Aiming to give UAE investors the chance to diversify their investments and achieve greater capital returns, Dubai Islamic Bank (DIB) has announced a new property fund dealing in French real estate, the second largest property market in Europe.
Arif Kooheji, Saad Abdul Razak, Moinuddin Malim and Sami Al - Eid from Dubai Islamic Bank announcing the launch of the new 'Al Islami French Property Fund'
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Posted by Christine H. Andersen, Assistant News EditorMonday, May 24 - 2004 at 16:39 UAE local time (GMT+4)
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This article was updated on Mon Oct 02 2006.
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About Dubai Islamic Bank
Established on 1975, Dubai Islamic Bank is considered to be the first Islamic bank in the world that has implemented the principles of Islam in all its practices. It was founded with the active assistance of the UAE Government, the Central Bank and the people of the UAE. The economic and business philosophy of Islam encourages generation and sharing of profits. However, it forbids giving or taking of interest. Leveraging the strengths of Islamic business and economic concepts on one hand and state-of-the-art banking technology on the other, DIB creates partnerships with its customers to generate profits, which are then shared with them. DIB has created a vast array of Islamic banking and finance products to suit every conceivable need of its customer.
For further information, please contact:
Sahar Amri / Sameh Hamtini
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3344550
Fax: +971-4-3344556
Established on 1975, Dubai Islamic Bank is considered to be the first Islamic bank in the world that has implemented the principles of Islam in all its practices. It was founded with the active assistance of the UAE Government, the Central Bank and the people of the UAE. The economic and business philosophy of Islam encourages generation and sharing of profits. However, it forbids giving or taking of interest. Leveraging the strengths of Islamic business and economic concepts on one hand and state-of-the-art banking technology on the other, DIB creates partnerships with its customers to generate profits, which are then shared with them. DIB has created a vast array of Islamic banking and finance products to suit every conceivable need of its customer.
For further information, please contact:
Sahar Amri / Sameh Hamtini
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3344550
Fax: +971-4-3344556
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