Arcapita

Arcapita Investment Management
Holding company
Industry Financial services
Founded 1997[1]
Headquarters Manama, Bahrain
Key people
 Atif A. Abdulmalik, CEO
Hisham Al Raee
Martin Tan
Mohammed Chowdhury
$12.4 million[2]:5
Total assets $8.4 million[2]:4
Total equity $7.5 million[2]:4
Parent Arcapita Group Holdings
"Crescent Capital Investments" redirects here. For the Los Angeles-based private equity firm, see Crescent Capital Group.

Arcapita Investment Management B.S.C. (formerly First Islamic Investment Bank and Crescent Capital Investments) is an originator of investments in private equity and real estate assets which comply with Sharia principles. Headquartered in Manama, Bahrain, the company and its subsidiaries are wholly owned by Arcapita Group Holdings Limited. Arcapita has offices in Atlanta, London, and Singapore.[3] It owns the Delaware, US-incorporated holding and real estate company Arcapita, Inc. (formerly known as Crescent Investments, Inc.), headquartered in Atlanta, Georgia, which buys American companies for between $200 million and $1 billion, and sells them four to six years later.[1][4]

Name change

On March 15, 2005, parent company First Islamic Investment Bank and its subsidiaries changed their name to Arcapita and adopted a new logo.[5] The name "Arcapita" is a combination of the words "arc" and "capital", "arc" symbolizing the company's global span, from Atlanta to London to Bahrain. The firm indicated that its name change did not relate to potential anti-Islam sentiments in the regions in which it was operating.[6]

The name change resulted in some controversy as to whether it was done to hide the company's Middle Eastern roots. According to the company, the unified name was introduced to avoid confusion about the relationships between the parent company, First Islamic Investment Bank, and its subsidiaries, Crescent Capital in the U.S. and Crescent Capital (Europe) Ltd., based in London. The company also wanted to reassure investors who were uneasy about the perceived religious association of the old name.[4]

September 11 boycott

In response to the September 11th terrorist attacks, a boycott was initiated against the coffee chain Caribou Coffee, which Crescent Capital had acquired in 2000. According to Fred Taub, president of Cleveland-based Boycott Watch, some people objected to Muslim ownership of the U.S.-based coffee chain.[4] However, the boycott did not have a significant effect on the growth of the chain, which grew from 175 stores in 2001 to more than 400 in 2006.[4]

Compliance with Sharia

Every investment made by Arcapita Bank and its subsidiary corporations is approved by a four-member Sharia advisory board. The board includes a retired judge from Saudi Arabia's Supreme Court, and religious scholars from Pakistan and Bahrain. In accordance with Islamic Sharia law, the company does not invest in any businesses which offer credit or charge interest, or sell pornography, alcohol, or pork products.[4]

According to representatives of the company, the Sharia advisory board does not make decisions about the financial merits of investments, and does not play a role in hiring or promotion of employees.[4]

Investments

Arcapita's holdings have included:[4]

References

  1. 1 2 Larson, Eric (July–August 2004). "Honoring Shari'ah". Duke Magazine. 90 (4): 3.
  2. 1 2 3 SHARI'AH SUPERVISORY BOARD'S REPORT FOR THE YEAR ENDED 30 JUNE 2016: INDEPENDENT AUDITORS' REPORT AND CONSOLIDATED FINANCIAL STATEMENTS (PDF), Arcapita Investment Management B.S.C., retrieved 2016-09-08
  3. ↑ "Arcapita". Arcapita. Retrieved 2016-09-08.
  4. 1 2 3 4 5 6 7 Paul, Peralte C.; Shelia M. Poole (July 30, 2006). "Branching out, with limits". Atlanta Journal Constitution. Archived from the original on 18 June 2008. Retrieved 2008-06-21.
  5. ↑ "Crescent Capital soon to be Arcapita". Atlanta Business Chronicle. American City Business Journals, Inc. February 28, 2005. Retrieved 2008-06-21.
  6. ↑ Parker, Mushtak (28 February 2005). "First Islamic Changes Its Name". Arab News. Retrieved 2008-06-21.
  7. ↑ "Archived copy". Archived from the original on 2009-06-16. Retrieved 2009-10-30.
  8. ↑ http://www.xpologistics.com/press-and-media/newsroom/2013/08/16/xpo-logistics-completes-acquisition-of-3pd
  9. ↑ Bijoux Terner Archived July 1, 2008, at the Wayback Machine.
  10. ↑ "Archived copy". Archived from the original on 2009-05-21. Retrieved 2011-10-25.
  11. ↑ VoIP Communications Management Specialists – Cypress Communications
  12. ↑ "Archived copy". Archived from the original on 2012-03-30. Retrieved 2011-10-25.
  13. ↑ "Church's Chicken sold to private equity firm". Retrieved 2013-07-19.
  14. ↑ http://www.forba.com
  15. ↑ "Archived copy". Archived from the original on 2012-03-30. Retrieved 2011-10-25.
  16. ↑ "CIT Provides Financing for J. Jill Acquisition". Bloomberg News (Press release). May 17, 2011.
  17. ↑ Meridian Surgical Partners | Performance, Efficiency, Achievement, Knowledge
  18. ↑ ARCAPITA ACQUIRES LEADING STORAGE AND MOVING COMPANY FOR $451.4 MILLION Archived August 7, 2009, at the Wayback Machine.
  19. ↑ "ARCAPITA ANNOUNCES AGREEMENT TO SELL ROXAR FOR $370 MILLION". Retrieved 2013-07-19.
  20. ↑ Log Homes, Log Home Floor Plans, Log Cabins, Log Cabin Homes, Get log home floor plans from America's largest log home company Archived June 29, 2008, at the Wayback Machine.
  21. ↑ Tender Loving Care
  22. ↑ Amedisys Closes TLC Health Care Services, Inc. Acquisition Archived September 17, 2010, at the Wayback Machine.
  23. ↑ Welcome to Tensar International Corporation
  24. ↑ Home – Transportation Safety Technologies Inc
  25. ↑ Working|Rx
  26. ↑ Yakima Racks, Bike Racks, Roof Racks for Skis, Cargo & Kayaks – Yakima

External links

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