Mashreqbank initiates steps to shut down MFC III

Mashreqbank has initiated process to liquidate the Bahrain-based Makaseb Funds Company 111, the bank officials confirmed to Emirates Business.

The officials said the financial crisis that has dampened the fund markets the world over has left it redundant the running of the third company in the series – MFC 111. "We do not have any funds under the fold of Makaseb 111 as Makaseb Funds Company 1 and 11 run all active funds," they explained.

In March 2005, Mashreqbank set up the new investment company with a view to establishing, managing and promoting mutual funds, called Makaseb Funds Company (MFC) BSC. This was incorporated in Bahrain as exempt stock company under the licence from Bahraini Monetary Agency (BMA) and approval from the UAE Central Bank.