Rasmala Regulatory News (RMA)

2 Oct 2006 18:25

European Islamic Investment BankPLC02 October 2006 2 October 2006 EIIB announces first joint lead arranging role European Islamic Investment Bank plc ("EIIB") today announced that it hascompleted its first joint lead arranging role since opening for business on 3April. EIIB acted as joint lead arranger with HSBC Amanah for a $40 million MurabahaFinancing Facility to Vestel Dayanikli Tuketim Mallari Pazarlama A.S.("Vestel"). EIIB and HSBC Amanah provided $20 million each. Vestel is a major Turkish consumer electronics company and the leading exporterin Turkey - it exported $2.2 billion worth of goods last year. Vestel plans toexceed this in 2006 with a 15% targeted increase. The Murabaha FinancingFacility will help support this growth strategy. John Weguelin, Managing Director, said: "We are delighted to announce this transaction in which we acted as joint-lead.This is an important milestone for us and builds upon the momentum establishedby our recent primary and secondary market endeavours in various IslamicStructured Trade Finance and Sukuk transactions." Ends For further information: EIIB plc Tel: +44 (0)20 7847 9900 John Weguelin, Managing Director Fishburn Hedges Tel: +44 (0)20 7839 4321 Mark Tierney Notes to editors: EIIB was incorporated in January 2005 and received its authorisation by the FSAon 9 March 2006. On 3 April, it opened for business, and on 17 May completed itsIPO and was admitted to London's AIM market. Headquartered in London, EIIB's range of products and services will include thefollowing Sharia'a compliant investment banking activities: - Islamic Treasury and Capital Markets - Asset Management, including Private Banking - Trade Finance and Correspondent Banking - Advisory and Corporate Finance. EIIB seeks to service a market for Sharia'a compliant investment bankingservices in Europe, the Middle East and Asia that it believes has beenunder-exploited by conventional and Islamic banks, and by non-bankinginstitutions. EIIB intends to become a major participant in the market forIslamic securities, treasury and investment products, which is currentlyexperiencing rapid growth. The founding shareholders of EIIB include Gulf based individuals andinstitutions, including a number of Islamic banks, as well as individuals andcompanies based in Europe. This information is provided by RNS The company news service from the London Stock Exchange