Emirates Islamic Bank launches Danat India RIA Fund
Emirates Islamic Bank has launched the Danat India RIA Fund. The new fund aims to capitalise on the booming real estate market in India. The maximum offer of the Mudarabah fund is $57.1 million with the bank co-investing its own proprietary money in the fund to the tune of $16.3 million. The bank will acquire 77.7 per cent equity in Danat RIA Company, which has been established with the principle purpose of indirectly acquiring around 500 acres to develop an integrated middle income township within the boundaries of New Delhi. The fund is open to all through EIB's exclusive Ethmar priority banking channel and investments can be made in multiples of $270,000.