iHilal Increases its Capital and Admits Strategic Equity Partners

Dubai, 12 January 2006

The Board of Directors of iHilal Financial Services, an Islamic financial services company focused on sourcing, structuring, and distributing best-in-class financial products, as well as Islamic Asset Management, met in Dubai on February 6th, 2006 at the offices of Rasmala Investments offices.

The Board appointed Sheikh Yousef Hasan Khalawi as Chairman. Sheikh Yousef has significant experience in international commercial law and Islamic Finance. He has worked as a professor in Al-Imam Mohamad Bin Saud University in Riyadh before moving into financial investments and consultancy, where he worked with a large number of private investors in Saudi Arabia managing assets of over USD 1 billion during his tenure. Sheikh Yousef holds a Masters Degree in Shari’ah. Welcoming the new Chairman, Mr. Ali Al Shihabi, Founder and CEO of Rasmala Investments, said: “Sheikh Yousef brings with him a wealth of Islamic investment expertise and Shari’ah knowledge that will assist iHilal on its path to further growth and in continuing to develop innovative Islamic products.”

The Board also admitted two new shareholders: Baghlaf Holding Group, one of the largest and oldest investment groups in Jeddah; and Al Amoudi Exchange, the largest exchange company in Saudi Arabia. The two new shareholders own 25% of iHilal post capital increase while Rasmala Investments Holdings, the Dubai headquartered investment banking group, retains 75% of the shareholding.

iHilal has recently appointed Mr. Nidal Barghouti as the Chief Executive Officer. Prior to joining iHilal, Mr. Barghouti was the Head of FX and Bullion in the Treasury Department of NCB in Jeddah where he spent 4 years. Prior to that, he spent 18 years working for Arab Bank where he was the Head of Treasury and Private Banking. He also worked with Merrill Lynch as a Vice President. Mr. Barghouti has a Masters in Economics and is NASDAQ Series 7 registered.

iHilal Financial Services was the Shari’ah structuring advisor and placement agent of the Marriott Leisure and Residential Investment Fund, the Houlihan Rovers Real Estate Trust Fund (the first Shari’ah compliant REITS) and the Standard Bank Tricon Forfeiting Fund. The Forfeiting Fund is one of the most innovative Islamic financial liquidity products currently marketed by Saudi French Bank as “al Qandil” High Yield Murabaha fund.

Notes to Editors:
About Rasmala Investments:
Rasmala is an Investment Company, focused on Asset Management and Investment Banking. Rasmala’s clients include Governmental Bodies, Banks, Insurance Companies, Corporations, Family Offices and Private Clients.
Rasmala’s Asset Management team manages portfolios and sources investment opportunities in global financial markets. It works closely with major financial institutions, boutique fund managers and manager due diligence consultants to identify best-in-class fund managers. Rasmala covers a wide range of asset classes including Global and Regional Equities and Fixed Income, Hedge Funds, Private Equity and Real Estate.
Rasmala’s Investment Banking team sources and structures regional investment opportunities in private equity and real estate. It also advises on mergers, acquisitions and IPO’s in the Middle East region. Rasmala's management team has extensive deal sourcing capabilities that it has utilized to bring innovative regional investment opportunities to its clients.
To-date, Rasmala has offered its clients regional opportunities in portfolio management, fixed income, private equity and real estate. Rasmala has also advised major regional firms on corporate divestments and acquisitions.
With offices in Dubai, London and Amman, Rasmala is able to provide Middle Eastern clients with a high level of client understanding and service.

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