IslamicFinance.de

EIIB-Rasmala, a Dubai-based investment bank and asset manager, is moving to buy the remaining 49 per cent of an associate company based in Egypt. The takeover of Rasmala Egypt Asset Management (Ream) follows new strategic initiatives for next year. EIIB-Rasmala is now opening discussions with potential joint venture partners to expand its investment activities in both Egypt and other parts of Africa, its chief executive Zak Hydari said. In November, EIIB-Rasmala announced it was finalising the launch of two leasing fund strategies and planning to expand its UAE property business. The Dubai investment bank also said it expected to raise about US$1 billion for its growing leasing and alternatives business and approximately $250m to invest in a broad mix of property transactions in the United Kingdom.

EIIB-Rasmala, the Dubai-based investment bank and asset manager, will expand its leasing and property fund products amid increased investor demand in the Arabian Gulf region. The group yesterday said that it was finalising the launch of two leasing fund strategies and planning to expand its UAE property business. This came amid a surge in demand driven by progressive regulatory activity of regional markets, particularly in Saudi Arabia and the Emirates, as well as greater investor confidence in the underlying market fundamentals of the region. EIIB-Rasmala said that it expected to raise about US$1 billion for its growing leasing and alternatives business and approximately $250 million to invest in a broad mix of property transactions in the United Kingdom.

The EIIB-Rasmala has closed the second tranche of FWU Group’s US$100 million sukuk al-wakala programme. The second tranche of the programme has closed for US$40 million. The former is acting as the lead arranger and bookrunner for FWU’s sukuk al-wakala programme. The FWU sukuk has been assigned the investment grade credit rating BBB- by Fitch and is being issued in amortizing tranches, each with a term of five years. The first tranche of the programme previously closed for US$20 million in October 2013. Distributions are made quarterly to investors on a fully amortizing basis and the profit rate is 7% per annum. The sukuk will fund, in a fully Sharia’a-compliant manner, a set of retakaful transactions for one of FWU’s five main subsidiaries, Atlanticlux.

EIIB-Rasmala, a venture between London-based European Islamic Investment Bank and Dubai's Rasmala Group, has launched a sharia-compliant trade finance fund as a low-risk investment product. The Cayman-domiciled fund is linked to emerging market trade transactions and the firm hopes to attract $100 million into the fund over the coming year. The fund targets a return of 4 percent with low volatility as the firm continues to expand its sharia-compliant product range. Since last year, EIIB-Rasmala has launched three Islamic funds including a leasing fund and a sukuk fund seeded with $25 million of the company's own capital.

EIIB-Rasmala, a venture between London-based European Islamic Investment Bank and Dubai's Rasmala Group, plans to widen its range of Islamic investment products with the hope of doubling assets under management over the next two years. The firm, which manages over $1 billion in assets, sees growing mid-market opportunities for its Islamic asset management and investment banking business lines, chief executive Zulfi Hydari said. By mid-market, the firm means medium-sized customers which may no longer be served by big investment banks. In investment banking, the firm is focused on arranging Islamic bonds, with deal sizes between $75 million to $150 million. Earlier this month, the firm already arranged the first tranche of a $100 million sukuk programme from FWU Group.