Rasameel Structured Finance launching a DIFC Islamic Investment Bank

Kuwait, Kuwait / Dubai, UAE, 30th November, 2008 [ME NewsWire]: Rasameel Structured Finance Company, a leading Kuwaiti capital markets institution has been granted a Licence to operate as an Islamic Investment Bank in the Dubai International Financial Centre (DIFC) by the Dubai Financial Services Authority (DFSA). Rasameel will operate in the DIFC under the name of Rasameel Investment Bank Limited (“Rasameel Investment Bank”).

Rasameel Investment Bank Limited aims to provide specialized financial services in Capital Market (long term equity and Sukuk funding); Financial Advisory (funding alternatives, capital structure, mergers and acquisitions); Investment & Asset Management (analysis and valuation of assets and securities to achieve risk-return goals through the establishment of funds) and Shari'a Finance Guidance (recommendations and advice on Shari’a compliant financial transactions). Rasameel Investment Bank was officially authorised to provide financial services with effect from Tuesday November 2, 2008.

Abdulla Al Awar, Managing Director of DIFC Authjority said: “Islamic investment products have grown considerably in diversity, sophistication and depth over the last few years driven by demand from across the world. The ethical orientation of Islamic finance products make them appealing to a wider market during a time when developed markets are going through a financial crisis. As the Dubai International Financial Centre develops further into a global financial centre, Islamic Finance is one of our major sectors of focus.

DIFC provides a supportive regulatory framework and business services for the growth of this key sector. We look forward to providing Rasameel with the support and services necessary to grow their Islamic investment banking business.”

Mohammed Asaria, the appointed Managing Director of Rasameel Investment Bank, said: “We are aiming to offer Investment Banking Products and Services focusing on Advisory, Investment Management and Capital Markets in the region’s Islamic Finance Market in line with Rasameel’s vision to be the Islamic Investment Bank of Choice in the Region. Our presence in DIFC significantly adds to our product offering and ability to provide clients with a unified offering across the GCC”

Issam Z. Al-Tawari, Chairman of Rasameel Investment Bank (Chief Executive Officer and Vice Chairman of Rasameel Structured Finance Company) commented: “This once more attests that we are reinforcing our commitment to our regional expansion. Rasameel Investment Bank is an integral component of our regional capital market  focus. Our mission is to ensure that Islamic Financial services and Products are developed to cater to the growing needs and sophistication of the Islamic Investment community, allowing cross border investments across the GCC.” 

About DIFC:
The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.

In just three years, over 650 firms have registered at the DIFC. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards. 

About Rasameel:
Rasameel Structured Finance Company ("Rasameel") is a leading Kuwaiti capital markets house with an investment banking mandate established in January 2006 with Kuwait as its Headquarters. Rasameel is the result of a successful partnership between a group of independent, well-established companies. Rasameel is supervised by the Central Bank of Kuwait with a paid up capital of Kuwaiti Dinars 30 million.
For further information, visit www.rasameel.com