Liquidity Management Centre awarded Best Domestic Market Sukuk House 2005

This global Islamic finance event was attended by CEO's and Managing Directors from numerous leading Islamic financial Institutions throughout the GCC, Europe, North America and South East Asia. Each year Euromoney gathers together prominent figures from the world of Islamic banking to recognise companies that have made a significant contribution to the growth of the industry.

LMC's Chairman, Mr. Aref A. Kooheji, said: "We are very encouraged by this Euromoney Award as it recognises the effort that LMC has put into creating and developing a vibrant domestic Islamic capital market. The continued development of the Islamic capital market is a necessary precursor to the growth of the broader Islamic financial industry in which we participate."

Mr. Ahmed Abbas, Chief Executive Officer of LMC who was in London to receive this honour, said: "I am extremely pleased to accept this award, which serves as recognition of our achievement and highlights the efforts of the LMC team over the past year. We have a dedicated, technically knowledgeable and client focussed organisation, which is continually striving to play its role in developing the Islamic Financial market. With this milestone, we move forward with even stronger commitment and dedication to achieving excellence and will continue to maintain the highest standards of technical product development and client transactional service. In doing so, we would like to recognise the ongoing support provided by our Chairman, our Board of Directors and our Shareholders, without whose respective contributions this achievement would not have been possible."

LMC has arranged and placed a number of high-profile Sukuk over the past twelve months with an approximate cumulative issue size of US$315 million. These Sukuk have included:

• US$ 65 million EMAAR Properties Sukuk (issued in July 2004)
• Euro 76 million First Islamic Investment Bank Sukuk (issued in October 2004)
• US$ 152.5 million Durrat Khaleej Al Bahrain Sukuk (issued in January 2005)

Additionally, LMC administrates an expanding secured Short-Term Sukuk Investment programme and expects to be issuing further high profile Sukuks in the first half of 2005 whilst continuing to work on other Islamic Financing projects.