Al-Tawfeek launches first Shari'ah compliant Private Equity Fund

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Notes and media contacts

About Al-Tawfeek

Al-Tawfeek is a specialist financial investment company incorporated in 1992 in the Cayman Islands with US$ 1.5 billion under management. Al-Tawfeek is one of the financial arms of Dallah AlBaraka Group, one of the largest conglomerates in Saudi Arabia with total assets in excess of US$ 12 billion, with companies operating from more than 40 countries. Al-Tawfeek is a leading provider of Shari'ah compliant investment funds. Al-Tawfeek's strategy is primarily aimed at providing investors with superior Shari'ah compliant investment opportunities in an increasingly competitive market.

Since inception Al-Tawfeek has launched a number of Shari'ah compliant investment funds covering variety of asset classes including equities, corporate debt, real estate, private equity, venture capital and leasing. Al-Tawfeek has yielded high returns for its investors in a number of Shari'ah compliant investment funds.

Al-Tawfeek Private Equity Fund

• The first Shari'ah compliant private equity fund incorporated in the Kingdom of Bahrain. The Fund is a close-end collective investment scheme with the objective of achieving long-term capital appreciation by primarily investing in late stage Shari'ah compliant Private Equity Investments and Pre-IPOs in MENA.

• The Fund is established for a period of 5 years commencing from the Closing Date. The minimum subscription is US$ 250,000 and thereafter in multiples of US$ 50,000 during the Offering Period (20 March - 18 May 2006).

• Al-Tawfeek is the Sponsor, Investment Manager and Placement Agent. Al-Tawfeek has been investing in private equity in MENA for more than 10 years and has made a number of successful late and expansion stage pre-IPO investments, including Orascom Telecom (Egypt), MobiNil (Egypt), Al-Dar National Real Estate Company (Kuwait), Investment Dar Co. (Kuwait), Jordan Pharmaceutical & Manufacturing Company (Jordan), Al-Amin For Investment (Jordan), Solidere Company (Lebanon), (KSA), Dana Gas (UAE) and Ulker (Turkey) International Investment Group (Kuwait), AlSham Shipping Company (Syria), Arab Company for Paper Products (Syria), Uniceramic Company (Lebanon) and Egyptian Saudi Insurance House (Egypt).

Al-Tawfeek will use the Dallah Albaraka Group network to originate investment opportunities. Many of the companies in which the Dallah Albaraka Group has interests have announced their intention to go for an IPO, including Albaraka Banking Group.

• Gulf Clearing Company (GCC) in Bahrain has been appointed as the Custodian and Administrator of the Fund. GCC is one of the leading fund custody and administration service providers with total assets under custody exceeding US$ 5 billion.

• With respect to Shari'ah compliance, the Fund will be advised by a Shari'ah Board comprising of the following prominent scholars:

• Sheikh Dr. Abdul Sattar Abu Ghuddah;
• Sheikh Abdullah Bin Suleiman Al-Manai;
• Sheikh Dr. Abdul Latif Al Mahmoud;
• Dr. Ezzedine Ben Mohamed Khouja;
• Dr. Ahmed Mohieldin Ahmed.