GulfBase Live Support
30/12/2013 09:21 AST
European Islamic Investment Bank (EIIB-Rasmala), one of the largest, independent financial institutions focused on GCC markets, said it has significantly increased its shareholding in its asset management subsidiary Rasmala Holdings from 56.8 to 76.3 per cent.
London-headquartered EIIB-Rasmala, which boasts of client assets worth over $1.1 billion, said its primary focus is to provide investment management and financing solutions to clients in the UK and GCC region.
The EIIB Rasmala move comes following the successful acquisition and integration of Rasmala, which was initially structured as a minority investment and was later increased to 57 per cent, the statement noted.
In consideration for the acquisition the Group has issued 152.3 million new shares at an exchange ratio of 3.6, it added.
On the startegic move, CEO Zak Hydari said:"We have now successfully combined the strengths and resources of the two separate businesses to position EIIB-Rasmala as a leading investment banking and asset management group focused on the London and GCC markets."
"This highly complementary combination has also catapulted us into the top 20 asset managers in the Middle East region. We believe the time is now right to further consolidate the ownership of our fast growing asset management business," he added.
EIIB-Rasmala has rapidly expanded its institutional asset management business over the last 12 months with funds under management having recently exceeded the $1 billion mark.
The group has also significantly broadened its asset management product offering during 2013 with the launch of a number of new funds including; the Rasmala Trade Finance Fund, the Rasmala Global Sukuk Fund, the Rasmala Leasing Fund and the Rasmala GCC Islamic Equity Income Fund.
EIIB-Rasmala was recently included in the “Middle East’s Top 20 Money Managers” by Institutional Investor magazine. The Group was also ranked fourth in the UAE in terms of total assets under management. It has 100 staff at its offices in London, Dubai, Muscat, Riyadh and Cairo.
Trade Arabia
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
STC | 83.41 | 257,644 |
DARALARKAN | 13.47 | 74,648,349 |
05/04/2018
Saudi Arabia's Public Investment Fund (PIF) has signed an agreement with Six Flags to develop and design an amusement park in Riyadh. Six Flags, the world’s leading international amusement park compa
Arab News
05/04/2018
In an exclusive interview with Arab News, Turki Mohammed Al-Shehri explains how an expanding renewables industry will boost employment as well as pave the way for a greener future.
A massiv
Arab News
05/04/2018
Dubai’s residential property market continued to soften in the first three months of this year, in line with analysts’ forecasts, with rental values recording a more pronounced fall than sales prices
The National
05/04/2018
Buoyed by a strong oil price of $70 per barrel, Saudi Arabia’s Tadawul shot up by over 6 per cent in March 2018, according to Kuwait Financial Centre’s (Markaz’s) recently released Monthly Markets Re
Times of Oman
05/04/2018
Qatar banks’ combined credit facilities to real estate sector rose by QR17bn to QR147.7bn in 2017. The banks’ credit to various sectors stood at QR911bn at the end of 2017, up from QR839bn recorded i
The Peninsula