Shamil Bank has begun promoting a new EUR 150mln Shariah-compliant real estate fund that will seek equal exposure to development projects and income-generating properties in Central and Eastern Europe. The Bahrain-based Islamic commercial and investment bank launched the Central and Eastern European Real Estate Fund at a road show held at the Ritz-Carlton Bahrain Hotel and Spa this week. Workshops will be held later in Oman, the UAE and Qatar.
Shamil Bank has begun promoting a new EUR 150mln Shariah-compliant real estate fund that will seek equal exposure to development projects and income-generating properties in Central and Eastern Europe. The Bahrain-based Islamic commercial and investment bank launched the Central and Eastern European Real Estate Fund at a road show held at the Ritz-Carlton Bahrain Hotel and Spa this week. Workshops will be held later in Oman, the UAE and Qatar.
The fund, to run for a term of five years, is a venture between Shamil, Swiss-based Faisal Private Bank and Sharjah Islamic Bank. Seven assets in Romania, Bulgaria and Poland have already been reserved for the fund. Shamil said there are also plans for the fund to invest in the Czech Republic, Croatia, Ukraine.
'Our entry into Central and Eastern Europe countries reflects our strategic vision of growth; to be present in markets which demonstrate potential and sustained return on investments in the long term,' said Abdul Hakim Khalil Al-Mutawa, head of Shamil Bank's private and investment banking group.
Back in 2007, Shamil launched its $90mln Shamil Bosphorus Modaraba fund to invest in Shariah-compliant real estate developments in Turkey. Shamil is projecting a return on investment of close to 60% over the investment term for the Bosphorous Modaraba.
