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Shamil Bank, a wholly-owned subsidiary of Ithmaar Bank, said its 'Shamil China Realty Modaraba' has distributed another $3.5 million as capital returned. This is in addition to the $6.6 million distributed during the first half of 2009.
"We are extremely proud to announce that our landmark Shamil China Realty Modaraba has continued to perform well in the current economic crisis," said Shamil Bank chief executive Faisal Al Alwan, left. "The Modaraba's success is mainly due to China's stable economy that has sustained its momentum despite the general downturn. With this distribution, the Modaraba has returned a total of more than 43 per cent of the principal," he said.
"During 2009, the Shamil China Realty Modaraba has returned more than 22 per cent of the principal through three distributions," said Mr Al Alwan.
