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Ithmaar says Turkey fund won’t achieve objectives

: Wednesday, July 02 - 2014 @ 00:18

Bahrain-based Islamic lender, Ithmaar Bank has said its Shamil Bosphorus Modaraba (SBM) fund would not achieve its investment objectives and it’s unlikely that investors would have their entire capital returned, Gulf Daily News has reported. The SBM is a $90m investment fund that provided equity for the acquisition, development and sale of a diversified pool of assets that included land, property and development sites in Turkey. “Ithmaar Bank has engaged the services of various advisers and consultants at its own expense, including Dechert (UK) and Hassan Radhi and Associates (Bahrain), to determine the reasons for the SBM not achieving its investment objectives,” said Ithmaar Bank general manager for retail and private banking, Abdulhakeem Al Mutawa.

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Wednesday, July 2- 2014 @ 0:18 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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