Bahrain-based Shamil Bank has announced that it has met its investment target of $90mln (EUR 57mln) for a Shariah compliant fund targeting Turkey's property market. The Shamil Bosphorous Modaraba is projected to provide investment returns of 60% over three years. Investments will focus on residential and mixed-use real estate developments in Istanbul as well as secondary homes on the Antalya coast in the south of the country. Total costs of targeted projects is estimated at $450mln (EUR 284mln).
Bahrain-based Shamil Bank has announced that it has met its investment target of $90mln (EUR 57mln) for a Shariah compliant fund targeting Turkey's property market. The Shamil Bosphorous Modaraba is projected to provide investment returns of 60% over three years. Investments will focus on residential and mixed-use real estate developments in Istanbul as well as secondary homes on the Antalya coast in the south of the country. Total costs of targeted projects is estimated at $450mln (EUR 284mln).
Abdul Hakim Al Mutawa, investment and private banking head at Shamil Bank, said: 'This Modaraba, which gives investors exposure to the burgeoning real estate market in Turkey, fits well into the portfolios of many of our clients, attracting stronger than expected interest from institutional investors from around the Gulf.'
Shamil Bank, a wholly owned subsidiary of Ithmaar Bank, has subscribed 10% of the commitment to the fund.
