Posted on 05/05/2004 9:33:10 AM PDT by all4one
First Islamic Affiliate to Bid for TLC - UAE Khaleej Times - 04/05/2004
DUBAI - First Islamic Investment Bank E.C. has announced its affiliate, TLC Holdings I Corp, has been selected as the winning bidder for the assets of Tender Loving Care Health Care Services, Inc. TLC Holdings has signed a definitive purchase agreement to acquire TLC's assets.
The financial closing is expected to take place within the next few months. The total value of the transaction is expected to be in excess of $150 million, including the assumption of certain liabilities at closing. TLC is the second largest provider of home healthcare services, as well as the largest Medicare home healthcare service provider, in the United States. Crescent Capital, First Islamic's wholly owned US subsidiary, acted as agent for TLC Holdings.
Atif A. Abdulmalik, First Islamic's Chief Executive Officer, said: "TLC is positioned to capitalise on several dominant trends in the United States, namely, an ageing population and an increasing focus on health and well-being."
Mohamed A. Nooruddin, Executive Director, Investment Placement, said: "TLC's broad national presence and reputation give it a unique competitive advantage over other US-based home healthcare providers."
Information on TLC:
A little TLC goes a long way. Spun off by staffing agency Staff Builders (now ATC Healthcare), Tender Loving Care Health Care Services provides home health care services and staff from nearly 60 offices in more than 20 states (about a quarter are franchise offices).
Tender Loving Care offers disease management; cardiac care; pulmonary and wound management; infusion therapy; respiratory therapy; hospice support; patient and family counseling. Medical software company Med Diversified bought the company in 2001 as part of its expansion into home health services but lost the company in Chapter 11 reorganization to Crescent Capital Investments. The company is in Chapter 11 reorganization. Contact Link for TLC TLC Home Page
Information on the Islamic Buyers of TLC:
First Islamic Investment Bank:
At First Islamic, our mission is to provide innovative and distinctive investment opportunities that generate superior risk-adjusted returns. In our approach to business we embrace the values of originality, integrity and transparency, professional excellence and, above all, adherence to Islamic principles.
To ensure adherence to Shari’ah rules and principles, the Bank’s legal and Shari’ah teams and, through them, the Shari’ah Supervisory Board, are consulted on all key aspects of each new transaction. After a transaction closes, it is continuously monitored to ensure ongoing Shari’ah compliance.
One of First Islamic’s key success factors is its ability to structure innovative financial products that conform to Shari’ah principles, comply with the laws and regulations of the countries in which the Bank operates, and protect the commercial interests of its shareholders and co-investors. First Islamic’s legal and Shari’ah teams, with the active involvement of the Shari’ah Supervisory Board, work closely with the corporate investment, real estate investment, and asset-based investment teams to develop the Bank’s ground-breaking Islamic investment and financing structures.
Crescent Capital Investments, Inc.:
Founded in 1997, Crescent is the U.S. private equity arm of First Islamic Investment Bank E.C. First Islamic is an innovative Islamic investment bank, headquartered in Bahrain, with assets of over $500 million. First Islamic's 100 shareholders include some of the most prominent individuals, families, and institutions in the Middle East, who together control liquid funds in excess of $100 billion. The Bank arranges the capital needed for a transaction and then privately places the investment with its shareholders and other investors in the Middle East.
First Islamic maintains voting control of, and a significant ownership interest in, each of the investments it arranges. First Islamic and Crescent professionals also invest personally in the Bank's private equity transactions. The Bank's other lines of business are real estate and asset management. Crescent Capital Investments, Inc. is distinguished from other private equity investment firms by several unique characteristics:
Access to capital
Crescent can invest more than $100 million in a single transaction due to its unique sources of capital. In addition to the capital resources of First Islamic, investors in the Middle East control large pools of capital and continuously seek attractive investments outside the region, particularly in the United States. Crescent is able to underwrite large transactions with confidence due to its proven capability to place investments with these investors. Our investment size can thus be tailored to the requirements of the transaction, unlike traditional buyout funds that must limit their investment to a percentage of the fund.
Social responsibility
All of our investments must adhere to Islamic principles and codes of conduct. Similar to a "green fund", Crescent does not invest in certain industries, such as those involving gambling or alcohol. We are also generally restricted from participating in most financial services businesses. Crescent is free to invest in other industries with solid companies.
Senator Wyche Fowler, Jr., of Atlanta, Georgia, served as U.S. Ambassador to the Kingdom of Saudi Arabia from 1996 until 2001. Senator Fowler served for 16 years in the United States Congress, during which time he served as the U.S. Senator from Georgia from 1987 to 1993. First elected to the U.S. House of Representatives in 1977, he was a member of the Ways and Means and Foreign Affairs Committees, the Select Committee on Intelligence and the Congressional Arts Caucus. Before his election to Congress, Senator Fowler practiced law in Atlanta for eight years and was elected at age 29 to the Atlanta City Council. He was selected president of the Council four years later and served in that capacity until his election to the U.S. Congress. A native of Atlanta, Senator Fowler received a B.A. in English from Davidson College in 1962 and a J.D. from Emory University in 1969. He holds honorary degrees from Hofstra University, Davidson College and Morris Brown College. He is the recipient of many honors, including numerous awards for work supporting civil rights in the United States and human rights and freedom around the world. Senator Fowler is now engaged in an international business and law practice, while serving as Chairman of the Board of the Middle East Institute, a non-profit research foundation in Washington, D.C.
It seems that some of them already have strong ties to U.S. companies.....and are looking to have more.
University Bank Hires New Islamic Mortgage Specialist
ANN ARBOR, MI -- (MARKET WIRE) -- 05/03/2004 -- University Bancorp (NASDAQ: UNIB) announced today that A. D. Mirza joined University Bank's Residential team as a Mortgage Specialist. Mirza now serves as the primary point of contact in the Islamic community for the Bank's new interest-free Mortgage Alternative Loan Transaction or MALT (a redeemable lease program) and the new FDIC-insured Profit-Sharing Money Market account. He is also completing the training required to become certified as a Residential Loan Education Officer.
As a long time participant in the Detroit Chapter of the Council of American Muslim Professionals (CAMP), Mirza was most interested in joining University Bank because of its Islamic Finance programs. Prior to joining University Bank Mirza worked for Allied Home Mortgage Capital Corporation as a Loan Officer and Netco as an Escrow Officer.
"As with some other faith communities, the Islamic prohibition against paying interest has kept American Muslims from homeownership. We believe that we are the only bank in the country that is aggressively engaged in helping Muslim families participate in the American Dream of homeownership," said Vice President, Residential Loan Manager, John Sickler. "A. D. brings the combination of residential lending, language and cultural skills and a continued commitment to homeowners in southeast Michigan that we had spent nearly a year searching for. We're extremely fortunate that A. D. chose to join us," continued Sickler.
Originally from Islamabad, the capital of Pakistan, Mirza has been a Detroit area resident for twenty-eight years. He is a graduate of Fraser High School and Eastern Michigan University with a Bachelor of Arts and Sciences. While at Eastern Michigan University, Mirza interned at the Canadian House of Commons as part of the Comparative Political Internship. He is currently an executive member of the Sigma Phi Epsilon Alumni Board at Eastern Michigan University. Mirza resides in Ypsilanti.
Ann Arbor-based University Bancorp (NASDAQ: UNIB) owns 100% of University Bank. University Bank is an FDIC insured, locally owned and managed Community Bank. The Community Banking operation focuses on local businesses and the non-profit community, and its officers make "office calls" to local small businesses and non-profits. Other Community Banking specialties include highly competitive deposit products for business owners, residential mortgages, commercial real estate lending, and insurance, investments and asset management through its wholly owned subsidiary University Insurance & Investments, Inc. In addition to its Community Banking operations, University Bank specializes in mortgage subservicing specializing in servicing the credit union industry through the Bank's Houghton-based 80%-owned subsidiary, Midwest Loan Services, which currently subservices over $2 billion in mortgage loans. Link to Article
How can this be legal? This tells me that my teensy tiny church (if they even had the money) could startup their own bank and allow members of the church to buy a home and not pay interest....right? How would they make any money?
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