Osama Bin Laden used to send money to his operatives through Tadamon Islamic Bank, a sharia-compliant financial institution based in Yemen. Hassan al-Turabi, the man largely responsible for the imposition of sharia law in the Sudan, also had free access to Tadamon in the 1990s.
Tadamon, now calling itself Tadhamon International Islamic Bank, maintains a “wholly owned subsidiary” investment bank called Tadhamon Capital in Bahrain. Tadhamon Capital has just reached a £100 million (163 million USD) agreement to build a mixed-use student housing and commercial development on Paul Street in London.
Bahrain investment firm inks $163m London deal
By Andy Sambidge
Saturday, 30 November 2013
Bahrain-based Sharia compliant investment firm Tadhamon Capital has announced the acquisition of its second Central London development in a deal worth more than £100m ($163m).
It said the Paul Street development was concluded in a joint venture with Apache Capital and McLaren Property following the full letting of its first prime London student development, Paris Gardens.
The Paul Street development will be comprised of three blocks, two of which will contain 456 student accommodation units with a 1,550 sq ft ground floor retail space, with the third block consisting of a stand-alone office building.
Tadhamon said in a statement that construction work is expected to commence in during the first quarter of 2014 with completion targeted by the end of Q3 2015.
It said the investment is expected to generate a minimum average annual net cash yield of 7.3 percent.
Paul Street is located on the northern fringe of the City, within proximity of the fashionable areas of Hoxton and Old Street.
Waleed Abdulla Rashdan, CEO of Tadhamon Capital, said: “Over the past four years we have taken a strategic decision to expand our investments within the UK and have since focused on building our social infrastructure platform.
“To date, we have successfully closed 10 transactions at a total value of £240m… We will continue exploring further opportunities within these sectors as part of our platform as they have proven their resilience to market changes, and continued their marked growth.”
He added “Over the past years we have established a solid real estate investment platform which will be used to replicate our success and experience within the UK to invest over the next 18 months in selected cities within the EU, US and Turkey.”