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EIIB receives approval to open representative office in Bahrain

DUBAI — European Islamic Investment Bank Plc ("EIIB") has announced that it has received approval from the Bahrain Monetary Agency to open a representative office in Bahrain.

EIIB is currently undertaking an IPO that is expected to raise up to £200 million and will comprise an offering to existing shareholders and a placing in Europe and internationally. Following the IPO, EIIB will have regulatory capital in excess of £300 million. Admission to AIM is expected to occur in mid-May 2006.

BNP Paribas is acting as financial adviser to EIIB and global coordinator and joint bookrunner to the IPO. Evolution Securities Ltd is also joint bookrunner to the IPO and is acting as Nominated Adviser and broker to EIIB.

EIIB, headquartered in London, was established in January 2005 and is the first independent, Sharia'a compliant Islamic investment bank to be authorised and regulated by the Financial Services Authority ("FSA"). It opened for business on April 3, 2006.