European Islamic Investment Bank Plc (“EIIB”), the first independent, Sharia’a compliant, Islamic investment bank to be authorised and regulated by the Financial Services Authority, has signed a strategic co-operation agreement with Bank Islam Malaysia Berhad (“Bank Islam”).
Under the terms of the agreement, EIIB and Bank Islam will work with each other on a non-exclusive basis in areas including treasury, capital markets, asset management and corporate finance. They will co-operate on the development and distribution of Islamic financial products and promote the increasing international awareness of Islamic finance.
The agreement with Bank Islam means EIIB will be a preferred supplier of Islamic investment banking products and services.
John Weguelin, Managing Director, EIIB, said:
“We are delighted to be in partnership with an organisation of such high calibre and market reputation as Bank Islam. Malaysia is undoubtedly one of the leading Islamic financial centres in the world today and Bank Islam’s favoured position within this region is well-known.
“This contract is a significant step forward in EIIB’s strategic growth as a bridge between the European and Islamic financial markets. It is a perfect example of how our independence, and presence in Europe and the Gulf, enables us to seek partners with whom we have a natural synergy, and with whom we can create bespoke Sharia’a compliant investment products to service the growing international demand for Islamic finance.”