Rasmala Regulatory News (RMA)

3 Dec 2008 09:34



European Islamic Investment Bank Plc ("EIIB" or "the Company")

3 December 2008

Directorate Change

EIIB announces that Mr John Clouting, a director of the Company, has indicated his intention not to seek re-appointment as a director of the Company when his term expires on 20 December 2008. 

In his capacity as chairman of the Company's Audit Committee, he has overseen the establishment of the Company's systems and controls and was instrumental in EIIB's authorisation as the UK's first independent sharia'a compliant Islamic investment bank. 

EIIB thanks Mr. Clouting for his immense contribution to the Company and the Board of Directors during his term as a director and Chairman of the Audit Committee. 

The Board has agreed to appoint Mr. George Morton, who is currently the Senior Independent Director and a member of the Audit Committee, as the new chairman of the Audit Committee and Mr. Mohammed Al Sarhan as the new Senior Independent Director, both appointments to be effective from 20 December 2008.   

Ends

For further information:

Evolution Securities Limited Tel: +44 (0)20 7071 4300

Bobbie Hilliam

Fishburn Hedges Tel: +44 (0)20 7839 4321

Michelle James

Notes to editors:

About EIIB:

EIIB was incorporated in January 2005 and received its FSA authorisation in March 2006.  It  commenced business in April 2006 and completed its IPO and was admitted to London's AIM market in May 2006.

EIIB services a market for sharia'a compliant investment banking services in Europe, the Middle East and Asia. Sharia'a compliant banking is generally regarded as one of the fastest growing sectors in the financial services industry. 

Headquartered in London, EIIB is a fully Sharia'a compliant investment bank that provides products and services in the following areas:

- Private Equity and Corporate Advisory

- Treasury and Capital Markets 

- Asset Management

- Real Estate

- Structured Trade Finance

- Structured Products

- Sharia'a Advisory

The shareholders of EIIB include Gulf and European based individuals and institutions.