New EIB fund eyes India

Emirates Islamic Bank (EIB) has launched the Global Logistix RIA Fund to capitalise on the booming Indian economy with a special focus on Mumbai, which is considered one of the fastest growing financial centers in the world.

The maximum offer of the mudarabah fund is Dh624 million with the bank co-investing up to Dh110m.

The mudarabah proceeds will be used to acquire 85 per cent 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.

The profit on the underlying Investment will be generated through the sale of undeveloped land plots as well as developed warehouses within the project over the course of the investment term.

"The Indian economy is now booming and has become the world's 10th largest. The impact of this boom has started to show on the realty sector as well, with Indian individuals, retail and corporate consumers craving for better quality realty projects," said Ibrahim Fayez Al Shamsi, CEO of Emirates Islamic Bank.