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    Press Release

    Allfunds Bank Creates First Sharia Compliant B2B Fund Platform
    Fatwa Endorsed by the Sharia’h Board of Amanie Dubai

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    Dubai , UAE - September 21, 2010

    Allfunds Bank SA, the leading European B2B platform has launched an Islamic Services Unit allowing it to fully serve Islamic investors around the world.

    The recently endorsed Fatwa, signed by the four member Sharia’h Board of Amanie Dubai, one of the leading Islamic consultancy firms, positions Allfunds Bank as the first and sole B2B fund platform fully compliant with Sharia principles. Allfunds Bank already offers more than 80 Sharia’h compliant funds, sourced from 15 fund promoters based in Luxembourg, Ireland, UAE and Saudi Arabia.

    This latest development establishes Allfunds Bank as the centre of excellence in the Islamic Open Architecture space and will create further opportunities to expand its service offer. Clients of Allfunds Bank will have direct access to the largest available range of Islamic funds through the fully automated platform, thus diversifying their choice for investments.

    Concurrent with this initiative Allfunds Bank is also extending its traditional research services to include Islamic Funds to help clients in their selection of funds, which will also involve the launching of a dedicated website offering thorough information on these funds.

    Juan Alcaraz, Allfunds Bank CEO, said: “Launching this innovative project was something we envisioned when we first arrived to the Middle East. The Allfunds Bank business model is geared to meeting the needs and demands of our clients wherever they operate in the world, and, therefore, the development of a model fully compliant with Islamic principles became an important business priority.”

    Gianluca Renzini, Deputy General Manager of Allfunds Bank, added: “We have worked closely with our international partners to engage world-class fund managers, with excellent track records, in order to offer investors market leading Sharia compliant investment solutions. Our fund platform will allow us to deliver to Islamic investors the same high quality managers and strategies as those already available to conventional investors, including excellent track records, comparable returns, competitive fees and diversification across asset classes.”

    Allfunds Bank was launched in 2000 to provide financial institutions with efficient and secure access to the developing open architecture investment funds market. The company philosophy is to offer an integrated investment fund service to the business to business marketplace based on operational excellence, comprehensive information and leading fund research capability.

    With an on the ground presence in Spain, Italy, the United Kingdom, Chile and Luxembourg, Allfunds Bank is active across 17 countries and has a client base of 300 firms covering commercial banks, private banks, fund houses, insurance companies and distribution platforms.

    Today, Allfunds Bank has assets under intermediation of up AED 243 billion (US $66 billion), and provides its clients with cross border, multi-currency access to more than 18,000 funds from 370 outstanding fund houses.

    About Allfunds Bank

    Founded in 2000 and jointly owned by the Santander and Intesa San Paolo groups, Allfunds Bank offers an integrated solution for institutional players in the investment fund market. The service range covers execution, administration, advice and information. This full service provider approach has consolidated the company as a leading global distribution and advice platform.

    Allfunds Bank’s objective is to connect leading international Asset Managers with a broad spectrum of institutional distributors responding to the trends of open architecture and to the intensified demand for simplification, agility and performance in the financial industry. Today, Allfunds Bank integrates more than 18,000 funds from 370 outstanding Asset Management Houses with the most active group of distributors of funds on a purely automated dealing platform, offering specific and personalised solutions: a one stop solution at no cost. It has also become the sole fully sharia’h complaint B2B platform.

    The three following elements are core components of their proposition:

    • Fully automated dealing and execution platform
    • Institutional advisory, analysis and investment consulting services (including customised fund selection - both for distribution and for investment managers - and portfolio advisory)
    • Information and support tools through an exclusive and extensive website

    In recent years the platform has been able to adapt itself to very exigent markets with different characteristics such as in the UK, Latam or Middle East, where the platform has managed to adapt its product and service offering. The group’s international expansion strategy is to identify differences in local demand and cater to their specific requirements: we can only adapt to the markets through the decentralization of the company.

    Allfunds Bank has over AED 243 billion (US $66 billion) assets under intermediation and counts with 200 employees throughout Europe, Latin America, the Middle East and Asia. Furthermore, in 2008, Allfunds Bank opened a 100% owned subsidiary in Luxembourg (Allfunds International), a convenient hub for international and cross-border distribution. Clients include commercial banks, private banks, fund houses, insurance companies and IFA platforms.

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