Abu Dhabi Investment House P.J.S.C. (ADIH) today announced signing a MoU with Qatar Islamic Bank (QIB) to offer a placement of 66 million shares of the pioneering Islamic investment bank for women worth US$100 million exclusively in the Qatar.
Masrafy was granted the license by the Bahrain Monetary Agency (BMA) to start its operations in the Kingdom of Bahrain in June this year. The bank, which has an authorised capital of US$1 billion and a paid up capital of US$500 million, will be located at the Bahrain Financial Harbour (BFH) on Manama Corniche.
Commenting on the MoU with QIB, Mr. Rashad Janahi, Chief Executive Officer of ADIH, the founding partner of Masrafy, said: “Masrafy is a unique banking proposition in the regional market exclusively targeted at women. The bank is being established targeting high net worth women in the region. It is a first-of-its-kind venture and we are confident that the placement of shares will be an attractive investment for Qatari investors.”
He said that the shares are being offered at a price of US$1.50 each and the issue will be closed on 30 October 2006. The offer entails 20 per cent of the paid-up capital of Masrafy.
“Masrafy will be run by women banking experts with high qualifications and our initial announcement of setting up of the bank has attracted considerable enthusiasm in the region and across the world, and we are well on our way in making the bank a reality soon,” Mr. Janahi said.
He said that regional statistics show that women in the region have funds worth US$38 billion which has not been tapped productively into credible investment channels. “We consider this as a niche market for Masrafy, which will offer investment avenues to women in the region to maximize returns,” he added.
Commenting on the share offer in Qatar, Mr. Salah Al Jaidah, Chief Executive Officer of QIB said: “We are pleased to cooperate with ADIH in this placement issue as Masrafy is a one-of-its-kind concept. We are confident that the placement issue will generate great enthusiasm among Qatari investors.”
“The Masrafy bank placement issue will add more value to our products and services we currently offer to our customers. Moreover, in cooperation with ADIH, we have also gained an opportunity to be part of a pioneering venture that would help women come to the forefront of economic and investment activities of the region,” he added.
Masrafy bank will tie up with many international banks for asset management, banking services etc. to serve women investors in Bahrain and the region. The bank will also tie up with institutions for risk management and to deploy corporate governance practices.
