$231m Sharia fund by Shamil Bank

Bahrain-based Shamil Bank, Sharjah Islamic Bank and Swiss-based Faisal Private Bank yesterday launched 150 million euros ($231m) Sharia-compliant Central and Eastern European Real Estate Fund. It is open to more than 50 potential investors and was launched at a presentation at the Ritz-Carlton Bahrain, Hotel and Spa.
The fund, which takes diversified exposure on developmental and income generating real estate assets in Central and Eastern Europe, has a term of five years.
The presentation was the first leg of a GCC road show, which will then move to Oman, Abu Dhabi and Dubai.
Faisal Private Bank is the investment adviser of the fund, Sharjah Islamic Bank the lead sponsor, and Shamil Bank the sub-adviser and co-sponsor.
"We are very pleased with the response of the Bahrain market to this fund, which is aimed at an informed and sophisticated investor base with very particular demands and interests," said Faisal Private Bank head of investment banking Giovanni Perin.

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