Emirates Islamic Bank and Liquidity Management Centre Lead Bukhatir Investments Limited US$ 50 Million Sukuk Offering

Sharjah, U.A.E. -14th May 2006

Emirates Islamic Bank (EIB) and Liquidity Management Centre B.S.C. (LMC) the Mandated Lead Arrangers have officially launched the market’s first Investment Agency Sukuk. The US$ 50,000,000 Bukhatir Investments Limited, Sukuk Al-Wakala Bel-Istithmar offering, is in support of the ongoing investment activities of Bukhatir Group.

This 5 year tenor Sukuk Al-Wakala Bel-Istithmar is an innovative structure that was launched by LMC, the structuring advisor and EIB, backed-up by the support of their Sharia’a boards. The Sukuk is a reducing Investment Agency Sukuk that will offer a return of 175 basis points over 6 month US$ LIBOR payable semi-annually. The Issue has been fully underwritten by the Senior Lead Managers; Emirates Islamic Bank, Dubai Islamic Bank and Emirates Bank International and Lead Managers Bank Muscat International, Gulf Finance House Commercial Bank, Liquidity Management Centre and Sharjah Islamic Bank.

At the signing ceremony held at the Sahara Centre in Sharjah, U.A.E., Mr. Salah Abdul Rahman Bukhatir, Vice Chairman of Bukhatir Group commented on this occasion; “We are delighted to have such overwhelming support reflected by the group of financial institutions for the Sukuk issue.”

Mr. Abdulla Showaiter, General Manager at Emirates Islamic Bank also speaking on this occasion said; “We at EIB are happy to once again lead another successful Sukuk offering for a noted corporate name out of Sharjah, UAE and are proud to be associated and working with such prominent Islamic financial institutions in underwriting and promoting this Sukuk issue. By managing this issue, EIB is confirming its obligation to develop the Islamic Sukuk market and attract more international investment attention to the UAE market.

Speaking at the signing ceremony, Mr. Ahmed Abbas, Chief Executive Officer of the Liquidity Management Centre commented; “We are proud to be jointly arranging the Sukuk Issue with EIB for Bukhatir Group and acting as the Mandated Lead Arrangers and Structuring Advisor for the Sukuk issue.”