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Article: Global News: Islamic Investment Bank's Share Offering Nets oe100m.(European Islamic Investment Bank)
- Article from:
- The Banker
- Article date:
- June 1, 2005
CopyrightCOPYRIGHT 2005 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The rise of Islamic banking has taken another important step forward with the recent successful oe100m share offering by European Islamic Investment Bank (EIIB). Initially aiming to raise oe50m the offering was oversubscribed and increased to oe100m.
EIIB was incorporated in the UK in January with the intention of becoming the first independent Islamic investment bank in Europe, established and managed on a wholly Sharia-compliant basis. The founding shareholders include Gulf- based individuals and institutions, including a number of Islamic banks, as well UK individuals and companies.
"We were delighted on behalf of EIIB with the response from ...