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Emirates Islamic Bank, one of the leading Islamic financial institutions in the region, has recently announced the launch of Global Logistix RIA Fund. The new Investment fund aims to capitalize on the booming economy in India, Mumbai specifically, which is considered one of the fastest growing financial centers in the world.  
 
The maximum offer of the Mudarabah fund is AED 624 million with the Bank co-investing its own proprietary monies in the fund up to AED 110 million.
The Mudarabah proceeds will be used to acquire 85% 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 tenth largest economy. The impact of this boom has started to show on the real estate sector as well, with Indian individuals, retail and corporate consumers craving for better quality real estate projects.  We would like to provide the opportunity for our customers to benefit from this boom. One of the most effective ways is by offering this exclusive opportunity to our customers through a well thought out investment product” commented Mr. Ibrahim Fayez Al Shamsi, CEO of Emirates Islamic Bank.
 
The Restricted Mudarabah Investment fund is open to the public starting 20th of August 2008, with a minimum investment amount of AED 500,000 & any additional amounts in multiples of AED 100,000.
 
The expected investment period of the fund is 36months from the date of commencement, with an option to extend by an additional 12 months. While the expected return on investment is 60% during the investment period of the fund.

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