IslamicFinance.de

According to a recent report by the London-listed asset management group European Islamic Investment Bank, as Dubai pushes ahead with plans to expand its offering in Shariah-compliant financial services, it will be tapping into significant pent-up global demand for Islamic asset management, which could reach as high as $185 billion by 2019. The study, issued in mid October, highlighted additional measures that could be considered in order to raise Dubai's profile as a centre for IFS. Industry growth could be accelerated through wider consultation between fund managers and the authorities, with a focus on identifying ways to spur the creation of multi-asset-class, multi-geography funds.

European Islamic Investment Bank PLC on Friday said it has changed its name to Rasmala PLC, effective immediately. The company said it would make a further announcement on the subject before the end of the year.

European Islamic Investment Bank plc (EIIB-Rasmala) has announced the expansion of its real estate business. Simultaneously, the Group has also announced the acquisition of a commercial office building for GBP 11.8 million ($17.9 million, AED 65.9 million), located on the Doxford International Business Park. The real estate division will focus on identifying high quality, income generating opportunities in the UK, Europe and the United States. The primary focus will be on the UK. The Group expects to invest approximately $1.5 billion in a broad mix of real estate transactions over the next three years, with $750 million being allocated for investments in the UK.

London-based European Islamic Investment Bank said on Tuesday it plans to close a proposed 20 million pound ($30.5 million) tender offer for its own shares in May as it transitions into an asset management business model. In February, the sharia-compliant firm said it had received regulatory approval to relinquish its banking licence and is now an investment firm regulated by the Financial Conduct Authority. EIIB plans to invest $1 billion in a mix of property transactions over the next 24 months. It held $1.1 billion in assets under management as of December. The firm posted a pre-tax operating profit of $2.3 million in 2014 compared with $2.23 million profit a year earlier.

European Islamic Investment Bank plc ('EIIB-Rasmala'), the London-listed asset management and financing group focused on the growth markets of the Gulf Cooperation Council (GCC), has announced its full year financial results for the year ended 31 December 2014. The total operating income was US$16.4 million compared to US$15.4 million a year before. Profit before tax from continuing operations was US$2.3 million (2013: US$2.23 million). Total assets under management (AUM) stood at US$1.11 billion. EIIB-Rasmala expects to invest about US$1 billion in broad mix of property transactions and grow the leasing and alternatives business to over US$1.5 billion in the next 24 months.

European Islamic Investment Bank PLC Wednesday said it has appointed Neil McDougall as its interim finance director. According to the company, McDougall is a qualified accountant who has held senior board and management positions at financial institutions including Europe Arab Bank and Commerzbank. The company has continued the search for a finance director after the appointment of Michael Warren Kidd, the chief operating officer of its majority-owned Rasmala Investment Bank and head of Strategy and Principal Investment at EIIB, fell through back in July of 2014. European Islamic Investment Bank shares were down 3.9% at 161.00 pence on Wednesday.

UK regulators have accepted European Islamic Investment Bank's application to vary its regulatory permissions, meaning it is now an exempt capital adequacy directive (CAD) investment firm. Last September, European Islamic Investment Bank had concluded that the scope of its UK regulatory permissions was in excess of requirements, and began talks with regulators to "vary its regulatory permissions" to enable it to focus on its core strategy. At the time it anticipated that the move would involve giving up its deposit-taking licence. The European Islamic Investment Bank is regulated by the UK's Financial Conduct Authority.

European Islamic Investment Bank PLC Friday said it has cancelled its tender offer for up to GBP20 million as it is still in talks with regulators and is yet to receive their full approval, though it intends to launch a new tender offer with the same terms as soon as permission is received. As a result, acceptances of the tender offer are no longer valid and do not bind shareholders; shareholders who have already accepted the tender offer are now free to trade their shares if they so wish. European Islamic Investment Bank said it is confident of being in a position to complete a new tender offer before its next annual general meeting, when the authority it has to undertake the tender offer expires.

The UK government's decision not to choose a local Islamic bank as an arranger for its sukuk is a lost opportunity to promote the homegrown Islamic finance industry, according to Harris Irfan, of European Islamic Investment Bank. Malaysia’s CIMB, Qatar’s Barwa, National Bank of Abu Dhabi, Standard Chartered and HSBC have been chosen to lead the sale.

London-based European Islamic Investment Bank (EIIB.L) will propose a capital reduction plan next month to enhance returns for its shareholders, after the firm swung back into profit in the 2013 financial year. EIIB will seek shareholder approval for the plan, which could potentially take the shape of a share buyback or a tender offer, during its annual general meeting in June. The firm posted a pre-tax operating profit of 1.5 million pounds in 2013, compared to a 10.1 million pounds loss a year earlier. Under its 2012-2016 strategy, EIIB is restructuring its business by exiting higher-risk private equity investments, seeking more stable income streams such as asset management and advisory services under its EIIB-Rasmala brand.

Resolutions to oust Michael Toxvaerd and Mohammed Al Sarhan from European Islamic Investment Bank's board have failed. The resolutions to remove them from the board were both defeated by 421,334,039 votes to 13,225,000 in a poll at a general meeting. A resolution authorising the company to buyback shares which would be cancelled and not held in treasury was defeated by 381,011,459 votes to 53,847,580. At 9:47am, European Islamic Investment Bank PLC share price was 0p at 3.25p.

Abed Al Zeera has been removed with immediate effect from the board of European Islamic Investment Bank (EIIB).

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.

Nova Resources Limited has agreed to sell its entire stake in European Islamic Investment Bank to Pearce Global Investments Limited, for a total consideration of GBP663,892. The Bermuda-based company said that the consideration is to be paid by the transfer of warrants over 9.0 million shares in Tricor PLC, the AIM-list investment company focussed on the natural resources sector. Nova said that the shares can be exercised at its discretion by the end of 2017, at an exercise prices of 0.5p, although it intends to retain the warrants for the foreseeable future. Nova said the warrants are valued at 7.38p apiece, representing a premium on Tricor's current share price of 6.50p at the time of the agreement.

European Islamic Investment Bank PLC Deputy CEO Keith Mcleod is to leave the board with immediate effect.

European Islamic Investment Bank (EIIB) is an Islamic finance institution which operates in accordance with Sharia’a law, and bridges the gap between the financial markets of the West/OECD & the Middle East & North Africa (MENA) region. EIIB evolved into an investment company which invests in bonds/loans on a relatively un-leveraged basis and a mixed bag of private equity (PE) investments. A strategic review was also completed, which confirmed EIIB’s new focus on building recurring revenue streams, primarily within the Asset Management business. With further head-count reductions & cost control to come, plus geographical & functional integration savings to be captured, EIIB's losses will be eliminated in due course.

The European Islamic Investment Bank PLC (EIIB.LN) said Tuesday it has sold a financing facility provided to Arcapita for $8.1 million in cash to Barclays Bank. The facility, dating from 2007, formed part of a syndicated loan facility which was due for repayment in March 2012. However, Arcapita defaulted on its payment obligations and in early 2012 announced that it had filed for Chapter 11 protection in the U.S. The sale will result in a total charge of $6.9 million in the results to December 2012.

It seems that European Islamic Investment Bank will cut dozens of jobs and will close a representative office in Bahrain as part of a restructuring.
The number of employees will be reduced to 17 from 35.
EIIB Chairman Shabir Randeree stated that the bank would sketch a new corporate strategy by the end of the year, which is likely to focus on asset management and the company's core Gulf region.

In a paradox that sums up so much about the country, Dubai recently unveiled the world’s tallest building in the midst of a crisis in the property market.