PRESS RELEASE

RUSD INVESTMENT BANK OF MALAYSIA AND AMIANTIT SIGN US$ 15 MILLION IJARA AGREEMENT.

Labuan / Dammam, December 2004 - Saudi Arabian Amiantit Company has signed an Ijara agreement with RUSD Investment Bank of Labuan, Malaysia, for financing the purchase of pipe manufacturing equipment worth US$15 million. The transaction is over a four year term.

RUSD Bank, in conjunction with Islamic Finance Consultants EC, in Bahrain, has syndicated the transaction as Coordinating Arranger, Mudarib and Lessor and also participant with two international banks. The club deal is structured as an Islamic lease finance deal for Amiantit with quarterly lease payments by Amiantit to the syndicate. The other syndicate members were Mashreq Bank as lead arranger and participant and Emirates Bank International as particiapant.

Dr. Saleh Malaikah, Chairman of RUSD Bank, expressed satisfaction at the conclusion of the deal saying this will foster closer relations between the two institutions and syndicate members.

Saudi Arabian Amiantit Company, the parent company of the Amiantit Group, is a joint stock company listed on the Saudi Stock Exchange and has a paid up share capital of SR770 million. Annual sales are in excess of SR1.5 billion.

Amiantit’s main areas of business are the manufacture and sales of pipes for water, sewage, gas, oil, and industrial applications, and development, ownership and sales of technologies for the manufacture of pipes. It is the biggest manufacturer of fibreglass reinforced (GRP) pipes and storage tanks in the world and the pipe manufacturing industry’s leader in fibreglass technologies. Amiantit Group is also a leading manufacturer of epoxy pipes, ductile Iron pipes, concrete cylinder pipes, pre-stressed concrete cylinder pipes, reinforced concrete pipes, cement mortar lining of steel pipes, polymer concrete pipes and thermoplastic pipes. In recent years Amiantit has extended its capabilities to include consultancy, design, BOT, operation and management for water infrastructure projects through a series of strategic acquisitions, joint ventures and other partnerships that have equipped the Amiantit Group with the expertise, technology and engineering skills to provide complete systems solutions on a global scale.

RUSD Investment Bank is incorporated in Labuan, Malaysia with an offshore banking license. Labuan is an offshore banking jurisdiction with Malaysian tax exemptions. RUSD Bank operates according to the rules and laws of Islamic banking and finance based upon the Sharia.

RUSD Bank provides Islamic investment and financial services. These services include not only traditional asset management, mutual funds, private placement, securitization, financial advisory but also Islamic Trust management services, allowing investors greater control in managing, investing and allocating their assets effectively.

Among the capabilities and expertise of the bank are fund structuring, asset allocation and management, valuations, and placement services. RUSD Bank is well positioned to provide financial and investment services to individuals, institutions, including insurance and other financial institutions. The bank can provide financial, tax, estate planning and trustee services, unit linked Takaful products for banks or other institutions, and also provide syndication services.

Upon signing the Ijara agreement, RUSD Bank's Managing Director, Mr. Naseeruddin Khan, emphasized that the bank's syndication services aim to assist successful corporations to diversify the sources of their finance and to obtain financing in a Sharia compliant manner.

MashreqBank, as lead arranger, also expressed their satisfaction at the conclusion of the deal, emphasizing their keenness on developing relations with other banks and clients in the region.

Emirates Bank International declared their pleasure to be associated with this transaction. Their head of International Banking & Syndications, Mr. Anthony Bush stated that the transaction "both emphasizes our commitment to the Kingdom of Saudi Arabia where we have recently opened our first branch in Riyadh and our ability to support Islamically structured transactions which will be enhanced through the development of Emirates Islamic Bank."

Islamic Finance Consultants E.C. (IFC) was established in 1999 as an Islamic Financial Advisory joint venture firm between the UAE Government’s Abu Dhabi Investment Company and Mr. Abdelhak El Kafsi. IFC is the only Islamic Advisory firm authorized and regulated by the Bahrain Monetary Agency (Bahrain Central Bank) and offers services to Financial Institutions, Corporate and governments on Islamic financial structuring and placement.