For immediate release						25 May, 1999


TAIB's AMERICAN EXPLORER FUND OUTPERFORMS MARKETS


The American Explorer Fund, managed by TAIB Bank has significantly outperformed the markets in the first four months of 1999, said the Bahrain-based TAIB Bank E.C.  in a statement released yesterday.

"The Net Asset Value (NAV) of TAIB's American Explorer Fund, focusing on US technology stocks, has grown 51% while both the Morgan Stanley Hitech Index and the Dow Jones Industrial Average are up just 17%. TAIB's American Explorer Fund can take both long and short positions depending on market conditions, which enables the Fund to generate positive returns irrespective of the market trend " said Mr. Iqbal G. Mamdani, TAIB Vice Chairman and Chief Executive Officer in his statement.

Mr. Mamdani noted "TAIB's family of funds are in the areas where TAIB has a successful track record. These are managed by selected fund managers having specialized knowledge of the respective markets. Over the last few years, TAIB Bank has developed a niche in the information technology (IT) sector, which is the main focus of the fund. The outlook for the sector continues to be promising. With the proven asset allocation strategy and a successful track record, the American Explorer Fund is expected to continue its performance."

Mr. Mamdani concluded, "Information regarding TAIB's family of funds performance and NAV as well as other TAIB products is now available at www.taib.com"

TAIB Bank E.C., an international investment bank based in Bahrain and listed on the Bahrain Stock Exchange, pursues business activities in the regional markets of the Gulf, the Indian Subcontinent, Turkey and Central Asia.


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For more information, please contact the press coordinator:
Mr. Ali Khunji (Tel: 533334, Fax: 533174)
e-mail: a_khunji@taib.com