Emirates Islamic Bank (EIB), one of the leading Islamic financial institutions in the region, has announced the launch of its logistics fund.
The new investment fund aims to capitalise on the booming economy in India, Mumbai specifically, which is considered one of the fastest growing financial centres in the world. 
The maximum offer of the Mudarabah fund is Dh624 million ($170 million) with the EIB co-investing its own proprietary monies in the fund up to Dh110 million ($30 million), said a top EIB official.
The Mudarabah proceeds will be used to acquire 85 per cent equity interest in Global Logistix RIA Company, Cayman Islands.
The company has been established with the principle purpose of acquiring a plot of land measuring approximately 400 acres, to develop an integrated logistics park in Navi Mumbai.
The profit on the underlying Investment will be generated through the sale of undeveloped land plots as well as developed warehouses within the project over the course of the investment term.
“The Indian economy is now booming and has become the world’s 10th largest. The impact of this boom has started to show on the real estate sector as well, with Indian individuals, retail and corporate consumers craving for better quality real estate projects,” commented Ibrahim Fayez Al Shamsi, CEO of Emirates
“We would like to provide the opportunity for our customers to benefit from this boom.  One of the most effective ways is by offering this exclusive opportunity to customers through a well thought out investment product.”
The restricted Mudarabah investment fund opened to the public starting August 20 with a minimum investment amount of Dh500,000 and any additional amounts in multiples of Dh100,000.
The expected investment period of the fund is 36 months from the date of commencement, with an option to extend by an additional 12 months.
The expected return on investment is 60 per cent during the investment period of the fund, Al Shamsi added.