Shamil raises US$90m for Turkish real estate

Bahrain's Shamil Bank announced on Sunday that it has raised a US$90 million Shariah compliant fund focused on investment opportunities in Turkey.

The Shamil Bosphorous Modaraba will invest in the Turkish real estate market and is predicted to give a 60% return on investment over three years.

The Modaraba's focus is on residential and mixed-use real estate developments in Istanbul, and secondary homes on the Turkish coast. The total cost of the projects targeted is approximately $450m.

Shamil Bank took a 10% share of the Modaraba, which was launched following a year-long study conducted by real estate specialists, law firms and tax consultants.

Abdul Hakim Al Mutawa, investment and private banking head at Shamil Bank, said: "This Modaraba, which gives investors exposure to the burgeoning real estate market in Turkey, fits well into the portfolios of many of our clients, attracting stronger than expected interest from institutional investors from around the Gulf."

Shamil Bank is a wholly-owned subsidiary of Ithmaar Bank.

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