VOL. XLV

No 13

1-April-2002

GENERAL

First Islamic Launches New US Real Estate Offering

First Islamic Investment Bank (FIIB) announced on 25 March that it had formed a joint venture with Sunrise First Assisted Living Inc of the US which has acquired interests in 12 properties worth $203.4mn. In a statement, the bank explained that the joint-venture vehicle, Sunrise First Assisted Living Holdings LLC, had acquired lease (ijara) interests in 940 residential units in key assisted living markets such...