The Kuwait-based IICG
is putting $8 million into Castle Pines and is the project's majority equity investor, according to Key Global Capital, which placed the funds on behalf of the investors.
All instalments of participants in the IICS and the IICG are treated mudaraba investments.
The actual operating expenses are charged from the Mudaraba account by the ITCL, IICG and the IICS.
also lead managed two further Islamic leasing deals of $15m each for two Pakistani companies for which Citibank Plc acted as the arranger.
Bahrain-based bankers such Nabil Nassief of FIBB and Iqbal Khan, CEO of Islamic Investment Company of the Gulf (IICG
), another DMI subsidiary, acknowledge that competition is the new driving force of Islamic banking especially in the Gulf countries.
These include the Bahrain Islamic Bank, which is licensed by the Bahrain Monetary Agency (BMA) as a specialised financial institution; an offshore banking unit (OBU), Faisal Islamic Bank of Bahrain (FIBB); five investment banks, the ABC Islamic Fund, Albaraka Islamic Investment Bank (AIIB), Arab Islamic Bank, Bahrain Islamic Investment Company and the Islamic Investment Company of the Gulf (IICG) which is the flagship company of the Geneva-based Dar Al Maal Al Islami (DMI) Group; and two investment funds, Al Ameen Securities Company and Al Tawfeek Company for Investment Funds, both subsidiaries of the Jeddah-based Albaraka Group.
DMI's flagship IICG alone accounted for $1.47bn funds under management in 1991 and last year this figure is estimated to have increased due to the repatriation of capital which fled the region during the Gulf crisis.