Swiss-based Faisal Private Bank, Bahrain-based Shamil Bank and Sharjah Islamic Bank have launched a €150 million ($231 million) Sharia-compliant Central and Eastern European Real Estate vehicle.
According to the partners, it will be investing in development opportunities as well as income-generating assets in the region.
Faisal Private Bank is the investment advisor of the fund, Sharjah Islamic Bank the lead sponsor, and Shamil Bank the sub-advisor and co-sponsor.
Giovanni Perin, head of investment banking at Faisal Private Bank, said: “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.
Saeed M. Al Amiri, head of the investment group at Sharjah Islamic Bank, added: “Following its own due diligence study, Sharjah Islamic Bank opted to invest in this fund, which presents investors with a very interesting long-term opportunity to enter a fast-growing sector, in a part of the world that is experiencing rapid economic growth. We are confident it will attract further interest from institutional investors across the region.”