EIIBEuropean Islamic Investment Bank PLC (UK)
EIIBEconomic Intelligence and Investigation Bureau
EIIBEnvironmental Incident Investigation Board (US Air Force)
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EIIB is headquartered in London and offers shariah complaint banking products and services in asset management, investment banking and capital market activities.
Shihabi told Reuters in November that EIIB was in talks with one party about investing in the bank as part of a capital boost.
The sale of the assets will generate a substantial profit for EIIB compared to both its invested capital and the value of the assets as reflected in the 2010 year end accounts at $41m.
Alzeera is presently chief executive officer and board member of Bahrain-based International Investment Bank (IIB), and has served as a non-executive director of EIIB since 2006 and was formerly the chairman of the company's board executive committee.
EIIB intends to launch a new offer with the same terms as soon as it obtains regulatory clearance.
When EIIB was set up there was growing interest in Islamic finance in the UK and Europe and the British government was looking to launch a sovereign sukuk which would have meant looking at the tax regime for such instruments.
The EIIB Rasmala move comes following the successful acquisition and integration of Rasmala, which was initially structured as a minority investment and was later increased to 57 per cent, the statement noted.
EIIB will also own a majority of management shares which will allow EIIB to take a leading role in the management of Rasmala.
The acquisition, which is set to be completed in early 2012, will be made through a fresh issue of shares by Rasmala which EIIB will buy, the sources said.
Interestingly, all the Islamic banks in London have uniquely different business models: Islamic Bank of Britain is a retail bank; Bank of London & Middle East has been very successful in corporate asset management, building its book extremely well in particular areas; EIIB with its Bahraini office and other activities has developed its own unique perspective; European Finance House with its Qatari backers focuses particularly on real estate in the UK and UK corporate activities.
Headquartered in London, EIIB is a fully Sharia'a compliant investment bank that provides products and services in private equity and corporate advisory, treasury and capital markets, asset management, real estate, structured trade finance, structured products and Sharia'a advisory.
EIIB CEO Zak Hydari commented that the investment in Rasmala was a crucial step towards his company's repositioning as a specialist investment banking and asset management group.