Emirates Islamic Bank launches Global Logistix RIA Fund
August 20, 2008
Emirates Islamic Bank, one of the leading Islamic financial institutions in the region, has recently announced the launch of Global Logistix RIA Fund. The new Investment fund aims to capitalize on the booming economy in India, Mumbai specifically, which is considered one of the fastest growing financial centers in the world. The maximum offer of the Mudarabah fund is AED 624 million with the Bank co-investing its own proprietary monies in the fund up to AED 110 million. The Mudarabah proceeds will be used to acquire 85% equity interest in Global Logistix RIA Company, Cayman Islands, which has been established with the principle purpose of acquiring a plot of land measuring approximately 400 acres, to develop an integrated logistics park in Navi Mumbai.