United Arab Emirates, Dubai November 8th, 2007- Emirates Islamic Bank (EIB), one of the leading Islamic Banking institutions in the UAE who has been a pioneer in promoting regional development of Islamic banking services through the revered principles of Shari’ah, has recently concluded a US $40 million Ijara Facility grant to the Emirates Healthcare Development Company (EHDC). This move will pave the way for sophisticated, technologically advanced and even more accessible medical facilities in the UAE.
A high-profile conglomerate of the leading banks in the region led by Emirates Islamic Bank concluded this syndication. The participating banks included Emirates Bank International (EBI), National Bank of Umm Al Quwain (NBQ), Bank Muscat International-Bahrain (BMI), Khaleej Commercial Bank (KHCB) and Sharjah Islamic Bank (SIB). Emirates Islamic Bank’s GM Corporate & Investment Banking Mr. Abdulla Showaiter said “EDHC is one of the leading private healthcare institutions in the region, and partnering in this project will significantly help promote medical services in the region. Besides giving us a platform to lend our financial expertise to a larger market, gained over years of experience with large projects, it will also contribute to socio-economic development, which is of prime importance to us ".
Commenting on the occasion, Engineer Sobhi Batterjee the Chairman of Saudi German Hospitals Group commenced “Emirates Islamic Bank credentials are most impressive and tying up with them is a logical extension to meeting our ambitious goals. This milestone achievement will add immense value to the healthcare profile in the UAE and will provide the support EDHC needs to achieve its goals”.
The Ijara syndication was finalized at a special signing ceremony at the EIB offices in Dubai and was attended by the top officials of all the partner banks as well as representatives of EHDC, a subsidiary of Saudi German Hospitals Group - Saudi Arabia.
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Issued on behalf of Emirates Islamic Bank by tamra C2. For additional information please contact Suzan Barhoush on [email protected]; or Randa Gharzeddine on [email protected]. Tel: <?XML:NAMESPACE PREFIX = SKYPE />009714 295 11 77 Fax: 00971 4 295 11 88
About Emirates Islamic Bank:
Emirates Islamic Bank opened its doors in October 2004 with a mission to provide consumers in the UAE with effective and innovative Shari’a-compliant financial solutions.
The Bank offers a range of Shari'a compliant products and services conforming to the highest standards of Islamic finance and all its activities are overseen by a Shari'a board comprising several prestigious scholars of Islamic law.
On the retail side, the bank has an array of products, such as a full range of credit cards including Visa Infinite Card; Manzili Home Finance, Intaleq Car Finance, and many other products. The bank has also launched Al Reem Ladies Banking, a specialized banking service designed to cater to the banking and financial needs of women in the region
The bank also offers Ethmar Priority banking to suit the demands of the high-net-worth clients.
Emirates Islamic Bank is very active on the Corporate Banking level, seeking exceptional investment opportunities in the local as well as the regional market. Within almost three years of its inception Emirates Islamic Bank has managed to position itself as one of leading financial players in the UAE’s banking sector. The bank’s rapid growth and success is mainly due to its continued successful launch of Shari’a compliant products, services and other key business initiatives.
EIB is headquartered in Dubai and employs more than 800 staff.
