Bahrain: $50 million Musharaka Sukuk Issue launched

12 June 2005

ABC Islamic Bank yesterday announced the launch of a $50 million Musharaka Sukuk issue for The Investment Dar Company of Kuwait. ABC Islamic Bank is both the sole arranger and underwriter for the issue. The innovative Musharaka Sukuk structure has been approved by the Shari'ah Supervisory Boards of ABC Islamic Bank and The Investment Dar Company. The Investment Dar Musharaka Sukuk will enable investors to earn profits from a pool of Shari'ah-compliant assets which generate profits in a fully Shari'ah-compliant manner.

The Investment Dar, Kuwait's largest Islamic, non-banking investing and financing company, was established in October 1994 and provides a range of Islamic financial services, including consumer finance, investment services, brokerage and trading, real estate and fund management. It is regulated by the Central Bank of Kuwait and its activities are mainly in Kuwait, Bahrain, Qatar and the UAE. It has a diversified portfolio of products and services with real estate and vehicle financing as the dominant segment of its operations and carries a Capital Intelligence BBB- rating with a stable outlook.

Source: Bahrain Tribune 2005

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