Islamic bank to acquire major stake in US Cirrus Industries

Published June 11th, 2001 - 02:00 GMT

The First Islamic Investment Bank (FIIB) announced earlier this week that it has signed an agreement whereby it will acquire a major stake in the US group Cirrus Industries Inc., which specializes in the manufacturing of private jets, reported AFP news agency.  

 

The chairman of the Bahrain-based bank, Atif Abdel Malek, stated that the deal is estimated at approximately $133 million (156 million euros).  

 

Founded in 1997, FIIB offers a variety of investment opportunities that conform with Islamic law, which prohibit any form of interest charges. The bank’s capital stands at $112.5 million. — (MENA Report) 

© 2001 Mena Report (www.menareport.com)


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