DUBAI — Emirates Islamic Bank, one of the leading Islamic financial institutions in the region, has announced the launch of the Danat India RIA Fund.
The new fund aims to capitalise on the booming real estate market in India, which is currently one of the fastest growing economies in the world and a prime market for real estate investment. The maximum offer of the Mudarabah Fund is Dh210 million with the Bank co-investing its own proprietary money in the fund to the tune of Dh60 million. The bank will acquire 77.78 per cent equity in Danat RIA Company, which has been established with the principle purpose of indirectly acquiring a parcel of land (around 500 acres) to develop an integrated middle income township within the boundaries of New Delhi. Once developed, the target market of the township will be New Delhi's growing middle income population who are seeking more affordable housing opportunities.
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