‘Capinnova Investment Bank’ - the Shari’a compliant investment banking subsidiary of BBK will co-invest in a project valued at US$50 million in the retail sector. Construction of this large commercial project has already begun and scheduled completion date is expected to be the second half of the year 2010. This will be the largest commercial mall in Bahrain’s Muharraq area which will be operated by one of the most successful GCC retailers.
Jamal Hijres; Capinnova’s Chief Executive Officer said: “It is a historic moment for us at Capinnova Investment Bank as we have stepped into the country’s vibrant retail sector to develop this state-of-the-art retail mall in the Kingdom. This growth capital financing transaction is a testimony of the Bank’s confident approach in supporting successful business initiatives. We are content with supporting our prominent clients with innovative Shari’a compliant instruments that ensure a win-win position for all parties involved. “
“We also feel that ventures such as this will also increase demand for skilled Bahraini manpower in this particular sector. Moreover these large commercial establishments will play a significant role in boosting the country’s economic growth under these challenging market conditions,” added Mr. Hijres.
Yasser Abbady, Senior Director, Head of Corporate Finance, Capinnova Investment Bank, stated: “The retail sector in Bahrain has proved to be resilient in the face of external global factors in tandem Capinnova continues to target opportunities in other sectors such as telecommunication, utilities, industrial, services, and financial institutions to support raising growth funds or integration through mergers and acquisitions.
“Capinnova’s vision is to be a world class Islamic investment bank offering a range of high quality products and services to a diverse clientele. The Bank aims is to become the Islamic investment bank of choice and a niche player, providing clients in the GCC and MENA region with superior investment products. These products are aimed at building and sustaining shareholder value whilst maintaining an optimal balance between risks and returns.” concluded Mr. Hijres.