BAHRAIN, 28 August 2006 — ABC Islamic Bank (EC) and Standard Chartered Bank (together with the Mandated Lead Arrangers) announced yesterday that they have been jointly mandated by AREF Investment group SAK (Closed) to arrange and underwrite a $100 million, three-year revolving Murabaha financing facility. AREF Investment Group SAK (Closed) is a Kuwaiti closed shareholding company, organized under the laws of Kuwait. It was established in 1975 and is listed on the Kuwait Stock Exchange with a paid up capital of 39.87 million Kuwaiti dinars (about $137 million). AREF enjoys a strong principal shareholding, which includes majority shareholding by Kuwait Finance House (51.49 percent), Awqaf Board (13.19 percent) and the balance by the general public (35.32 percent). AREF is a finance and investment company regulated by the Central Bank of Kuwait, Kuwait Stock Exchange and the Ministry of Commerce.
Former Infosys Mentor to Join TiE Board
DUBAI, 28 August 2006 — India’s Information Technology icon and the chief mentor of Infosys Technologies, N.R. Narayana Murthy, will be joining the Board of Trustees of The Indus Entrepreneurs (TiE), a nonprofit organization that promotes entrepreneurship and wealth creation. TiE, one of the largest groups of its kind in the world, has 44 chapters in nine countries, including the UAE, and a membership base of over 12,000. “We’re delighted to have an icon and role model like Narayana Murthy join our board as a trustee, and are looking forward to his wisdom and vision to help us take TiE to the next level of helping entrepreneurs and industries meet the changing needs of the business world,” said Apurv Bagri, chairman of TiE Global.
Crowne Plaza to Host Halal Products Show
DUBAI, 28 August 2006 — Dubai International Halal Show (DIHAS) 2006 will be held from Sept. 11 to 13 at the Crowne Plaza in Dubai. The event, first of its kind in the Middle East will bring together over 80 companies from around the globe, who will display genuine halal products and services. The exhibition profile includes companies from UAE, Malaysia, South Korea, Pakistan, Italy, Taiwan, Brunei, Philippines, US and UK, among others, representing all kinds of food and non-food products such as pharmaceuticals, cosmetics, beauty products, processing equipment, machinery and utensils and halal services such as Islamic finance, travel, insurance, education, etc. The expo is being organized by Orange Fairs and Events of Dubai and EXPAM of Malaysia.
Islamic Bank Signs Pact With NRC Corp.
DUBAI, 28 August 2006 — Emirates Islamic Bank has signed an agreement with NCR Corporation to purchase 64 ATMs. The ATMs are divided into cash withdrawal and cash/check deposit machines and will be installed at the bank’s new branches as well as in numerous other prominent locations across the UAE. At the signing ceremony, Emirates Islamic Bank was represented by Faisal Aqil GM Retail Banking, while NCR Corporation was represented by Ahmad Qawasmeh, managing director for the Gulf region.