Shamil Modaraba Success

19/11/2009 00:00 AST

Bahrain-based Shamil Bank yesterday announced that its Shamil China Realty Modaraba has distributed another $3.5 million as capital returned.

This is in addition to the $6.6m distributed during the first half of this year.

"Given the turbulent economic conditions of 2007-2009, we are extremely proud to announce that our landmark Shamil China Realty Modaraba has continued to perform well in the current economic crisis," said Shamil Bank chief executive Faisal Al Alwan.

"The modarabas success is mainly due to Chinas stable economy that has sustained its momentum despite the general downturn, as well as the key decision-making capabilities of the investment manager.

"With this most recent distribution, the Modaraba has returned a total of more than 43 per cent of the principal.

"During 2009 alone, the Shamil China Realty Modaraba has returned more than 22pc of the principal through three distributions," he added.


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