NBC appoints EIB as lead bank for Madaares

DUBAI — National Bonds Corporation (NBC) yesterday announced that Emirates Islamic Bank (EIB) has been appointed as the lead bank for the private placement of Madaares, a Dh500 million private joint stock company, created to raise educational standards throughout the UAE.

By Staff Reporter

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Tue 11 Jul 2006, 10:54 AM

Last updated: Sat 4 Apr 2015, 3:06 PM

The announcement is the first financial move in the formation of Madaares which will open 14 new primary and secondary schools over the next five years.

EIB, who is also a leading investor in Madaares, will help to facilitate the subscription process of over 150 Madaares investors through its nationwide branches. With subscription commencing on July 15, 2006 and closing on July 29, 2006, EIB will play a key role in the subscription process.

Nasser Hassan Al Shaikh, Vice-Chairman and CEO of National Bonds Corporation, said, "EIB has been chosen as the lead bank for Madaress not only for its customer orientated approach but also for its Shariah compliant policies."

More news from