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Al Salam Bank - Bahrain won the International Real Estate Financing Summit - Middle East (IREF ME 2009) "Award of Excellence for Outstanding Achievement in Islamic Real Estate Product Innovation".
The prestigious award was received by EVP & Head of Europe, Mohammed Paracha, at a gala dinner held in London. The award recognises the innovative acquisition by the Bank of Milton Gate from a UBS vehicle earlier this year.
Located in the 'Square Mile', Milton Gate is an attractive seven-storey building offering more than 200,000 sq ft of Grade A office space in a prime Central London neighbourhood. The building is the head quarters of the law firm Addleshaw Goddard. Other businesses in the immediate vicinity of the building include Slaughter and May, Linklaters, J P Morgan, Bloomberg and Macquarie Bank.
Mohammed Paracha said: "The bank's investment came through an innovative Sharia-compliant mezzanine structure, using the UK's recent laws that were brought in to support Islamic Finance transactions. It represents one of the most innovative structured financings in the sector for some time and the award recognises the bank's skills in being able to provide complex financial solutions and quality product to its investor base."
