European Islamic Investment Bank (EIIB) has announced agreements with Bahrain Islamic Bank (BIB), Capital Management House (CMH) and Liquidity Management Centre (LMC).
The agreement with BIB means EIIB will be a preferred supplier of Islamic investment banking products and services.
The agreement with CMH will centre on the development of asset management products, while a key focus of the LMC agreement will be the sukuk market, with work on enhancing secondary market liquidity, new issue innovation and appropriate standardisation of market practices.
John Weguelin, managing director EIIB, said: “These contracts are a significant step forward in our strategic growth as a bridge between the European and Islamic financial markets. They are perfect examples of how our independence, and presence in Europe and the Gulf, enables us to seek partners with whom we can create bespoke Sharia’a compliant investment products to service the growing international demand for Islamic finance.” EIIB recently opened a second office in Bahrain, after it opened for business in London in April this year. The bank has also launched a Pan-European Real Estate Fund and a Five-Year Secured Equity Fund, and has plans to expand its product range during the coming year.
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