Bahrain's Islamic bank launches JV in 13 US states
The First Islamic Investment Bank, a Bahrain-based financial institution which operates according to the precepts of Islamic law (Shariah) has announced that it is entering into a $243 million joint venture with the U.S.-based ProLogis Trust, according to which it will gain lease (Ijara) interest in 27 industrial distribution facilities, located in 13 key markets across the United States.
First Islamic and its co-investors will hold 80 percent of the stock in the joint venture, with ProLogis in possession of the remaining 20 percent. First Islamic hopes the investment will generate an annual yield of approximately 10.25 percent, which will be distributed on a monthly basis.
Owning and operating more than 1,600 distribution facilities in North America and Europe, ProLogis is the leading global provider of integrated distribution facilities and services.
Established in 1997, First Islamic Investment Bank has a paid-up capital worth $112.5 million and over 80 shareholders. – (Albawaba-MEBG)
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