Bahrain-based Shamil Bank, Sharjah Islamic Bank and Swiss-based Faisal Private Bank have launched a €150 million ($231 million) Shariah-compliant Central and Eastern European property fund. The fund, which takes diversified exposure on developmental and income generating real estate assets, has a term of five years. Faisal Private Bank is the investment advisor of the fund, Sharjah Islamic Bank the lead sponsor, and Shamil Bank the sub-advisor and co-sponsor. The core asset markets of the fund are Romania, Bulgaria and Poland. Other target markets will include the Czech Republic, Croatia and Ukraine.