Published: January 6, 2012
London bank increases GCC and North African market shares.
The European Islamic Investment Bank (EIIB) has strengthened its operations in the GCC and North Africa after agreeing to invest US$16mn in Dubai’s Rasmala Holdings.
The investment by London-based EIIB, which will be made during the next 12 months, is convertible into a 35% stake in Rasmala.
As part of the agreement, EIIB will own a majority of management shares and buy 7.4% of Rasmala from chairman Ali al Shihabi in exchange for almost 100mn EIIB shares.
Rasmala is an investment bank operating in the GCC and Egypt, and also has asset management and brokerage operations. Its shareholders include Deutsche Bank, Bank Muscat and Samba Financial as well as sovereign and private investors in the region.