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.
Right down the road from my shop.
CCI owns a lot of office space around me.
A very wealth Bahrain Muslim just bought 75 prime acres near here and is going to build a huge resident elderly health care center and residence. He is also looking to build another similar place on the other side of town. We have a very large population of retirees around here.
So, this is not something unusual. I wonder if there is a real pattern here for some reason?
I think that your answer is right there. I should have my daughter and her fiance' go to Ann Arbor and try to apply. (They're both attorneys.) Sounds like a plan.
Name, Occupation, Employer
John Sickler - Mortgage Lender - University Bank
Contribution
John Kerry $250
Address
Saline, MI 48176
Link to FundRace 2004 Site to search for who gave what political contribution to whom....really interesting.
Do these people know who or what they're working for?
Click on closeup of John Sickler
At the bottom of the site, there's an information request form. :)
Do you really want critical health services provided under sharia law? Has it occurred to anyone that a healtcare structure is a perfect biowar vehicle?
If this one passes, you get exactly what you asked for. Which is probably not what you had in mind.
????
Not only a biowar vehicle, but practice runs as well. If nothing else, our most vulnerable will be at the hands of sharia and considered infidels. I can't believe it, especially in light of all we know about 9-11 and their uses of our country's investment and educational institutions to their advantage and our disadvantage. They're selling us out to the highest bidder, it's all about the money, I guess.
Yes. And what do you do when your healthcare provider tells you that your parents (or your kids) will have to convert to Islam to have the premium level of healthcare?
And that's when they bother to tell you. How many people will go along just to get care and what about the elderly with problems that cause confusion? It's a nightmare. How can the sale just be so easy? When one thinks about how the Patriot Act has changed how we do so many things, why does this not fall under that scrutiny?
Gulf Arab investors set to establish giant Islamic bank Operations may start in early 2005
By Abbas Salman
Special to The Daily Star
Thursday, May 06, 2004
MANAMA: A number of Gulf investors are expected to establish a giant Islamic bank with a capital of $3 billion. The bank, which will be based in the Gulf region, will start operating in 2005, according to private bankers.
International auditing firm Ernest & Young, which made a feasibility study on the new bank, said that there is a big need for such a bank in the Middle East.
Islamic banks are becoming very popular in Saudi Arabia, Kuwait, Bahrain and other Arab states. Adnan Youssef, the chief executive of the Bahrain Islamic Bank, has said some cash-rich investors from Gulf Arab states have already pledged to contribute around $800 million to the bank, which will have an authorized capital of $3 billion.
There are currently 26 Islamic banks and finance houses operating in Bahrain, the Gulf's financial and banking hub, with assets exceeding $260 billion and customer deposits of $200 billion.
"I expect the bank will start its activities in early 2005 and will be based in Bahrain because the kingdom is considered the best location for the bank," another banker said, adding that the study showed all indications as positive, including profitability of the offshore bank, which will be involved in financing big projects in the area.
"In terms of business, it will be a linkage between Islamic states and the United States and other European countries, because we do not have giant institutions which can deal with big projects, syndications and transactions," the banker said.
Small banks in Arab states, including one in Bahrain and another in Egypt, have already voiced their interest to merge with the new bank.
Islamic banks and financial institutions do not charge or receive interest - core of the Western banking system - as it is considered by many Muslims as usury. Money is made instead through approved trade and investment.
Saleh Kamel, the chairman of the General Council for Islamic Banks and Financial Institutions, said Islamic banks will contribute to enhancing the economies of Islamic countries and the activities of the primary and secondary market.
He said intensive efforts were being made to establish a specialized center for issuing quality certificates for Islamic financial products.
Mideast bankers say Islamic banks are growing by around 15 percent annually, but they lack a unified and strict regulatory regime. Islamic banks are also expanding in Lebanon, where the government passed a law on Islamic banking two months ago.
Many US and European banks have also introduced Islamic banking instruments and some of these products are aimed at merchants and companies that want to avoid interest payments on loans.
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So they don't make money from interest, just other investments. Like this investment? or this investment? or maybe this investment? or maybe this investment? or maybe this investment? or maybe this investment? or maybe....
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