TAIB LAUNCHES A NEW FUND 

5 April, 2000

There is an unique new addition to TAIB's family of funds, said the Bahrain-based TAIB Bank E.C.  in a statement released yesterday. TAIB has launched TAIB Thames Fund which gives investors a unique opportunity to participate in a program that uses the movement of the FT-SE 100 Index to create long term capital appreciation . The Fund is specifically designed for clients who are looking for investment opportunities not correlated with market movement.

"The investment strategy is based on a simple premise that a much greater degree of success has been achieved by predicting where a market is least likely to move to, as opposed to where it will move to, over a given period of time. The investment strategy is backed by a mathematical model and probability tables. The historical track record of the strategy shows an annual return of more than 25% p.a..The Fund's strategy enables it 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 stated that TAIB has partnered with Arcanum Investment Management, London, for their expertise in the traded options on the FT-SE100 index. Arcanum currently manages assets for various Investors & Institutions.  Their investment management success derives from their extensive in-house research and analytical capabilities supported by their own proprietary database, which covers the monthly percentage moves of the FT-SE 100 index and the probability tables constructed on the basis of the market movement.  The Investment Manager follows a systematic approach to the trading of options, with tightly controlled risk parameters for each trade. 
 
Mr Mamdani noted "TAIB Thames Fund is the seventh mutual fund in TAIB's family of funds , which 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. TAIB Thames Fund follows the tradition ."

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 and merchant 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.

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