First Islamic Investment Bank offers $75 million bond issue
Bahrain-based First Islamic Investment Bank and The Securities House of Kuwait have announced that the Securities House will act as the Mudarib and Lead Investor in the issuance of $75 million of Islamic bonds (sukuk), known as First Islamic Registered Senior Aman Notes (FIRSAN).
As the Lead Investor, The Securities House will participate in FIRSAN for a minimum of $30 million. ABC Islamic Bank will act as the Sukuk Registrar.
“In 2002 we completed our first European investment and recently opened an office in London. The FIRSAN offering will enable First Islamic to finance its expansion into Europe, diversify its funding sources and strengthen First Islamic’s balance sheet,” said First Islamic’s Vice Chairman, Abdulaziz Aljomaih.
Bahrain-based First Islamic Investment Bank was established in 1997. With a paid-in capital of $112.5 million provided by over 100 shareholders, First Islamic has completed investment transactions with a total value of three billion dollars. The Bank employs 94 employees at its three offices in Bahrain, Atlanta and London. — (menareport.com)
© 2003 Mena Report (www.menareport.com)