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Rasmala Announces $500 Million Poseidon Fund Exit

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Poseidon Fund

Poseidon Fund delivers over 8x return to participating shareholders

Rasmala Investment Holdings (DIFC) Limited (“Rasmala” or “Rasmala Holdings”), an independent, alternative investment group, announced that Poseidon Fund (CEIC) Limited (“Poseidon Fund”), managed by its subsidiary Rasmala Investment Bank Limited (“RIBL”), and regulated by the DFSA, has delivered a return of over 8x to its participating shareholders through an in-kind distribution, marking one of the group’s largest and most significant transactions in the last 24 months.

Poseidon Fund is a DIFC-based investment fund that was established to increase DFM-listed Gulf Navigation Holding PJSC’s (“GulfNav”) capital base and support its strategic growth initiatives. RIBL structured and managed GulfNav’s USD 59.9 million (AED 220 million) issuance of Mandatory Convertible Bonds (MCBs), which was then converted into 200 million ordinary shares of GulfNav at a price of AED 1.10 per share, turning Poseidon Fund into GulfNav’s largest shareholder.

The Fund’s investors included leading UAE-based family offices, high-net-worth individuals, and financial institutions. The exit coincides with GulfNav’s planned USD 871 million (AED 3.2 billion) acquisition of Brooge Energy Limited (“Brooge”).

Ali Taqi, CFA, Deputy CEO of Rasmala Investment Bank Limited, said:

“We are extremely pleased with the investor returns and successful transfer of shares, and I highly appreciate my team’s dedication in delivering this accomplished exit. The transaction showcases our expertise in structuring sophisticated deals and delivering bespoke investment solutions that support our clients’ growth ambitions. We see significant opportunity in extending growth capital to GCC-based companies and leveraging our deep understanding of both private and public markets to help them achieve their next stage of development.”

GulfNav’s acquisition of Brooge remains on track for completion, following the signing of the Sale and Purchase Agreement in May and the successful $136 million MCB issuance in July. The transaction is expected to be settled through cash, new shares, and mandatory convertible bonds, with Brooge having delisted from Nasdaq as part of the process.

Rasmala Holdings

Rasmala Holdings is the parent company of RIBL, an independent alternative investment manager serving Gulf-based investors, including family offices, corporates, insurance companies, banks, and other financial institutions. RIBL is regulated by the DFSA.

What really drives long-term success?

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🎥 What really drives long-term success? 🎥

Some say it’s strategy. Others say it’s timing, talent, or even luck.
At Rasmala, 25 years of investing across markets and cycles have taught us that true success doesn’t come from just one thing, but from a combination of enduring principles, decisive leadership, and trusted relationships.
In the first video of our new series exploring the moments and mindsets that shaped us, we ask:

👉 What has been critical to Rasmala’s success?

It’s a short watch but it says a lot about what’s kept us going and what still drives us today.

Rasmala Update – Covid-19 – Message from our CEO

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Dear Clients & Friends,

I hope this message finds you and your family safe and healthy.

We wanted to share with you our efforts related to coronavirus (COVID-19) and to let you know the actions we are taking in response to this public health emergency.

Rasmala has activated its business continuity and COVID-19 emergency response plans. We have a comprehensive response framework and action plan to deal with this situation. The first and most important action is to ensure the safety and wellbeing of our staff and clients. We have already taken steps to shift the majority of our staff to home working and all staff travel remains suspended until further notice.

We are closely monitoring all the latest advice and guidance from the World Health Organisation, Department of Health and Social Care in the United Kingdom and the UAE Ministry of Health as part of our efforts to restrict the spread of the virus.

Rasmala’s action plan is designed to maintain full service levels and operational capability for our clients and partners in the event of disruption. We remain committed to supporting you throughout this challenging time and will continue to update you regularly as we work ahead.

Thank you for your trust and support.

Yours sincerely,

Zak Hydari

Group Chief Executive

ALERT- Beware of Cloning Scam and Fraudulent Websites

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Rasmala Investment Bank Ltd. (RIBL) is aware of the existence of certain entities or persons that are conducting a financial scam by impersonating RIBL by using the name “RASMALA,” “RASMALA Islamic European Investment Bank” and “Rasmala Bank” on a fake website www.rasmalabank.org, via the twitter handle “@rasmalabank” and email address support@rasmalabank.com and email handle “@rasmalabank.com”. The fake website contains material and information showing a clear intent to target and impersonate RIBL. The persons behind the scam are attempting to solicit money transfers from potential investors using incentives such as a “Welcome Bonus.” Please note that the above mentioned website, email and twitter accounts are not related in any way to RIBL, and that you should exercise extreme caution if approached by anyone using these addresses in their communication with you. If you receive any communication from the above sources, we request that you report them to us at info@rasmala.com.

EIIB-Rasmala Embarks On Expansion Drive

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  • Expects to launch a further series of innovative, alternative fund products in early 2015
  • Considering strategic development opportunities across the region

Dubai, November 3, 2014: EIIB-Rasmala (‘the Group’), a leading specialist asset management and financing group focused on the growth markets of the Gulf Cooperation Council (GCC), has announced a series of new business and strategic initiatives for 2015.

Following on from the launch of a series of new and innovative funds during 2014, including the Rasmala Leasing Fund and Rasmala Trade Finance Fund, EIIB-Rasmala plans to further expand its leasing and real estate funds management businesses in 2015. The Group is currently finalizing the launch of two new leasing fund strategies and will also expand its UAE real estate business. The launch of these new funds, driven by growing investor demand for more innovative investment management solutions, will offer an even broader investment choice to both existing and new clients. The Group expects to raise approximately $1bn for its growing leasing and alternatives business and approximately $250m to invest in a broad mix of real estate transactions in the UK.

The Group is looking to take advantage of the increasingly positive industry and market dynamics across the broader Middle East and North Africa region. 2014 has seen a surge of international investor interest in both the GCC and the wider region. This growing demand is due to a combination of progressive regulatory activity, particularly in markets such as Saudi Arabia and the UAE, as well as greater investor confidence in the underlying market fundamentals of the region. The MSCI upgrade of the UAE and Qatar to emerging market status has also been seen as a positive development.

In Egypt, EIIB-Rasmala is seeking to increase its shareholding in its subsidiary, Rasmala Egypt Asset Management S.A.E. As the economic and political situation in Egypt stabilizes, the Egyptian asset management market has become an attractive sector that is primed for further growth, as well as the further attention of international investors. In Saudi Arabia, the recent announcement by the Capital Market Authority (CMA) to open up the equity market to greater foreign ownership is expected to result in significantly increased investment flows into one of the region’s largest, most mature and liquid share markets. EIIB-Rasmala is well positioned, both financially and strategically, to take full advantage of the expected growth of these two large regional markets and is currently considering a number of opportunities to bolster both its presence and distribution reach through new, strategic joint ventures.

Zak Hydari, Chief Executive at EIIB-Rasmala, said: “We have successfully completed the transformation of EIIB-Rasmala and consolidated our position as one of the most innovative regional asset managers. In 2014 we saw a higher level of investor demand for broader, more alternative investment products, as well as greater overseas investor interest in our key markets. Given this demand, we are now accelerating the expansion of core strategies and product offerings and we are actively investing in order to stay at the forefront of the regional industry.”

ENDS

For more information, please contact:

Lukasz Gwozdz
Finsbury
T: +971 (0) 52 649 8556
E: lukasz.gwozdz@finsbury.com

About EIIB-Rasmala

EIIB-Rasmala (‘The Group’) is a London-listed asset management and financing group specialized in the growth markets of the Gulf Cooperation Council (GCC). The Group operates regulated businesses across the GCC and the wider Middle East and North Africa (‘MENA’) region offering investment management and financing solutions to pension funds, family offices, corporations and financial and government institutions.

The Group is listed in London on the Alternative Investment Market (AIM) of the London Stock Exchange. EIIB-Rasmala employs approximately 100 staff in London, Dubai, Muscat and Cairo.

EIIB-Rasmala arranges first tranche of unique US$100m sukuk programme for European insurance group, FWU

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Multinational insurance group offering represents a unique, asset-backed sukuk issuance from a rated European company

London & Dubai, October 6, 2013:

EIIB-Rasmala is acting as lead arranger and bookrunner for European based multinational insurance group FWU Group (“FWU”), on their US$100 million sukuk al-wakala programme. The first tranche of the programme, of US$20 million, has now closed, having been oversubscribed.

This transaction is a securitization of takaful (Sharia‟a-compliant) insurance policies and provides an opportunity for investors to participate and invest in sukuk certificates backed by Atlanticlux Lebensversicherung S.A. (“Atlanticlux”), a BBB rated, multinational insurance provider. The sukuk has been assigned an investment grade credit rating by Fitch and will be issued in amortizing tranches, each with a term of five years, and an average life of approximately 2.5 years. Distributions will be made quarterly to investors on a fully amortizing basis and the profit rate is expected to be 7.00% per annum.

The sukuk sponsor, FWU, is a European based financial services group which offers unit-linked life and annuity assurance products, with operations across Europe, the Middle East and Asia. The sukuk will fund, in a fully Sharia‟a-compliant manner, a set of retakaful (or re-insurance) transactions for one of FWU‟s five main subsidiaries, Atlanticlux. The sukuk is asset-backed, representing a true ring-fencing of assets, and the amount raised will be used to fund sales commissions on unit-linked life insurance policies.

The lead arranger and bookrunner for this issuance, EIIB-Rasmala, comprises the AIM-listed European Islamic Investment Bank Plc (“EIIB”) and Rasmala Group (“Rasmala”). The transaction was led by Anwar Abu Sbaitan, CEO at Rasmala (Dubai) and Harris Irfan, Managing Director at EIIB (London).

Harris Irfan said: “The arrangement and issuance of this unique sukuk offering represents exciting new ground for the Islamic finance industry. This issuance is unique in that it facilitates investor exposure to a quality, fully Sharia‟a compliant and rated European credit. Moreover, the issuance is asset-backed rather than asset-based, due to its securitisation of takaful insurance policies – a movement in the right direction for the Islamic finance industry by linking the financial economy with the real economy. We are excited to be the lead arranger on this industry leading transaction, as well as by the future possibilities that it opens up.”

Dr. Markus E. Fischer, Chief Financial Officer of FWU Group, said: “FWU has been a leading life takaful provider in both the Middle East and Asian markets for many years. This issuance represents an important step for FWU to expand its funding sources into the Sharia’a compliant capital markets. This issuance also further strengthens FWU‟s “SALAM” brand in the Islamic finance market. As a company, we are proud to be part of such a dynamic and fast growing market.”

An application was made to CISX Guernsey for the Certificates to be listed and to be admitted for trading.

Morgan Lewis & Bockius acted as counsel to FWU, and as transaction structuring counsel. Bedell Cristin Guernsey Partnership acted as Guernsey counsel to the Issue and Issuer, and Amanie Advisors acted as Sharia‟a advisors to FWU.

Rasmala Launches Diversified Global Fund

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The Rasmala Global Equity Opportunity Fund seeks to achieve solid returns and capital appreciation with moderate risk

24 April 2006

Rasmala Investments, an investment company focused on Asset Management and Investment Banking, today announced the launch of a diversified global ‘fund of funds’, its second branded open-ended fund. The Rasmala Global Equity Opportunity Fund (GEO) is a Cayman-domiciled US Dollar-denominated fund that aims to achieve solid returns and capital appreciation with moderate risk over a full market cycle.

The new product invests in global long only and long short equity funds and instruments. Rasmala has been managing GEO in-house for its clients since June 2003, and now offers the product as an open-ended fund available to all investors. The fund uses a combination of top-down and bottom-up strategies to achieve superior returns to its benchmark, the S&P/Citigroup BMI World Index.

Eric Swats, Partner and Head of Rasmala’s Asset Management business, said: “GEO has delivered consistent returns with moderate volatility and has been able to benefit from the upside during global equity market rallies. The inclusion of long short and market neutral strategies will provide downside protection during periods of market weakness.”

The fund has an allocation to several managers and instruments with different investment styles and is geographically diversified across regions, making it an efficient and effective way to gain exposure to global equity markets.

Swats added: “GEO uses best-in-class fund managers and globally pre-eminent service providers such as KPMG as auditor and Citco as custodian and administrator, thus ensuring independent third-party oversight. The fund offers monthly liquidity, does not have any lock-ups and manages currency exposure by investing in local currencies, in addition to US Dollar-hedged instruments, in order to maximise returns and take advantage of opportunistic market conditions.”

Today, Rasmala’s flagship portfolios include a LIBOR Plus Portfolio, a Global Diversified Portfolio and the Rasmala Hedge Fund Strategies, Ltd., a fund launched June 1, 2005 as a completely transparent ‘fund of hedge funds’ that aims to provide investors with low volatility absolute returns. Since inception, the fund has returned 13.8% on an annualised basis, a superb performance compared to its peer group of similar funds.

Rasmala Investments will be busy launching several new products in coming months, according to Swats. “We will be launching two Sharia-compliant funds, one focusing on public equity investments in Muslim countries, the other invested with global equity managers who adhere to Islamic investment guidelines. We also are planning to launch a Middle East and North Africa focused fund of funds in the second quarter. And lastly, we will be offering a two times levered feeder fund into the Rasmala Hedge Fund Strategies Fund,” he said.

Ali al Shihabi founded Rasmala Investments in 2002 as an investment bank focused on delivering best-in-class products and services to Middle Eastern clients. In addition to global asset management offerings, Rasmala Investments also sources and structures innovative and high quality investment opportunities in the GCC and other Arab markets in real estate, private equity and regional capital markets.

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