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Dubai-UAE: Noor Bank, one of the leading Shari’a-compliant banks in the UAE, has raised AED646 million for the Rasmala Long Income Fund (“the Fund”), the first Islamic finance instrument to invest in long-lease and ground-rent real estate markets in the UK and Continental Europe.
The Fund provides wide exposure to a portfolio of long-lease properties, aiming to generate regular income whilst preserving capital over time. In line with Noor Bank’s strategy to offer diversified investment opportunities to its customers, the Fund has developed an alternative income-focused investment strategy.
Speaking on the fund, Mufazzal Kajiji, Head of Retail Banking at Noor Bank, said: “We are proud to introduce the Rasmala Long Income Fund in response to the demand for investment opportunities in the UK real estate market from a broad range of clients, especially those seeking long-term, sustainable investments. Serving our high-net-worth clients is a key focus area for us, and we regularly identify new opportunities to provide quality and efficient solutions for this segment.”
For his part, Renoy Kundukulam, Head of Wealth Management at Noor Bank, said: “As a preferred banking partner in the UAE, Noor Bank is pleased to offer its clients an attractive proposition that follows an uncorrelated and market-neutral investment strategy, involving investment in premium international markets, such as the UK and Europe. The strategy aims to deliver positive returns under all market conditions, thereby becoming a stabilising foundation to our customers' investment portfolios.”
He added: “We are proud to partner with Rasmala in launching this innovative investment product for our investor base.”
Zak Hydari, Chief Executive Officer at Rasmala, said: “We are delighted to partner with Noor Bank in the launch of the Rasmala Long Income Fund that caters to the increasing demand for alternative income-generating investments with predictable stable returns. This is in keeping with our mission of providing our investors with more investment opportunities.”
Over the years, the real estate markets in developed countries have served as an attractive investment hub for investors in the region.
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About Noor Bank
Noor Bank began operations, in Dubai, in 2008, as an Islamic financial institution. It is a full-service bank delivering the broadest range of products for its customers, with an emphasis on unique and personalised service. Noor Bank is governed by the Internal Shari’a Supervision Committee, with extensive experience and expertise in Islamic legal, financial and banking matters. Noor Bank is rated “A-” IDR with a stable outlook by Fitch Ratings. The corporate shareholders of the Bank are The Office of the Crown Prince of Dubai (25.73%), the Investment Corporation of Dubai (22.71%) and the Emirates Investment Authority (4.7%). The remaining shares are beneficially held by individuals who each own less than 5% of Noor Bank. For further details, please visit: www.noorbank.com or call 800 6667.
About Rasmala Holdings (RHL or Rasmala)
Established in 1999, Rasmala is a leading alternative investment firm which invests directly and alongside Gulf based institutional investors including banks, pension funds, endowments, family offices, corporations and government institutions. Rasmala Investment Bank Limited is a wholly owned subsidiary based in the Dubai International Financial Centre (“DIFC”) and regulated by the Dubai Financial Services Authority (“DFSA”). For further details, please visit www.rasmala.com.
For media enquiries on Noor Bank, please contact:
Leah Majorie Banda
Noor Bank
Email: Leah.Banda@noorbank.com
Susan Shoury
APCO Worldwide
Mobile: +971 55 965 3647
Email: sshoury@apcoworldwide.com
For media enquiries at Rasmala:
Mouna Sounni
Tel: +971 4 424 2757
Email: mouna.sounni@rasmala.com
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