Arcapita

Infobox Company
name = Arcapita

type = Holding company
genre =
foundation = 1997 [cite web
title = Crescent Capital Announces Majority Investment in Cirrus Industries, Leading Airplane Manufacturer, in $143 Million Deal
publisher = Business Wire
date = August 22, 2001
url = http://findarticles.com/p/articles/mi_m0EIN/is_2001_August_22/ai_77420203
accessdate = 2008-06-21 ]
founder = First Islamic Investment Bank (now Arcapita Bank)
location_city = Atlanta, Georgia
location_country = United States
location =
locations =
area_served =
key_people = Atif A. Abdulmalik, CEO
Charles Ogburn, Executive Directorcite web
title = Arcapita
publisher = SourceWatch
date = 24 February 2006
url = http://www.sourcewatch.org/index.php?title=Arcapita&oldid=148242
accessdate = 2008-06-21 ]
industry =
products =
services =
market c

revenue =
operating_income =
net_income = US$285.7 million (Arcapita Bank)cite web
title = Financial Information - Financial Highlights
publisher = Arcapita Bank
url = http://www.arcapita.com/about/fininfo/highlights.html
accessdate = 2008-06-21 ]
assets =
equity =
owner =
num_employees = 253 (Arcapita Bank)
parent = Arcapita Bank
divisions =
subsid =
homepage =
footnotes =
intl =

Arcapita Inc. (formerly known as Crescent Investments Inc.) is a Delaware-incorporated holding and real estate company, headquartered in Atlanta, Georgia.The company is wholly owned by the Bahrain-based Arcapita Bank, formed in 1996 as the First Islamic Investment Bank.cite web
title = Arcapita Bank
publisher = SourceWatch
date = 11 May 2006
url = http://www.sourcewatch.org/index.php?title=Arcapita_Bank&oldid=148247
accessdate = 2008-06-21 ] Arcapita Bank has offices in Bahrain, Atlanta, London, and Singapore.cite web
title = Corporate Information - Overview
publisher = Arcapita Bank
url = http://www.arcapita.com/about/corpinfo/overview.html
accessdate = 2008-06-21 ]

The company buys and sells American companies for between $50 million and $300 million, and sells them four to six years later. [Citation
last = Larson
first = Eric
title = Honoring Shari'ah
journal = Duke Magazine
volume = 90
issue = 4
pages = 3
date = July-August
year = 2004
url = http://www.dukemagazine.duke.edu/dukemag/issues/070804/honoring3.html ] cite web
last = Paul
first = Peralte C.
coauthors = Shelia M. Poole
title = Branching out, with limits
publisher = Atlanta Journal Constitution
date = July 30, 2006
url = http://www.boycottwatch.org/caribou/caribou02.htm
accessdate = 2008-06-21 ]

Name change

On March 15, 2005, parent company First Islamic Investment Bank and its subsidiaries changed their name to Arcapita and adopted a new logo.cite web
title = Crescent Capital soon to be Arcapita
work = Atlanta Business Chronicle
publisher = American City Business Journals, Inc.
date = February 28, 2005
url = http://atlanta.bizjournals.com/atlanta/stories/2005/02/28/daily1.html
accessdate = 2008-06-21 ] Both the name and logo were the creation of U.S.-based branding company Future Brands. The name "Arcapita" is a combination of the words "arc" and "capital", "arc" symbolizing the company's global span, from Atlanta to London to Bahrain.cite web
last = Parker
first = Mushtak
title = First Islamic Changes Its Name
publisher = Arab News
date = 28 February 2005
url = http://www.arabnews.com/?page=6&section=0&article=59689&d=28&m=2&y=2005&pix=business.jpg&category=Business
accessdate = 2008-06-21 ]

The name change resulted in some controversy as to whether it was done to hide the company's middle eastern roots. According to the company, the unified name was introduced to avoid confusion about the relationships between the parent company, First Islamic Investment Bank, and its subsidiaries, Crescent Capital in the U.S. and Crescent Capital (Europe) Ltd., based in London. The company also wanted to reassure investors who were uneasy about the perceived religious association of the old name.

Boycott

In response to the September 11th terrorist attacks, a boycott was begun against the coffee chain Caribou Coffee, which Crescent Capital had acquired in 2000. According to Fred Taub, president of Cleveland-based Boycott Watch, some people objected to Muslim ownership of the U.S.-based coffee chain. However, the boycott did not have a significant effect on the growth of the chain, which grew from 175 stores in 2001 to more than 400 in 2006.

Compliance with Sharia

Every investment made by Arcapita Bank and its subsidiary corporations is approved by a four-member Sharia advisory board. The board includes a retired judge from Saudi Arabia's Supreme Court, and religious scholars from Pakistan and Bahrain. In accordance with Islamic Sharia law, the company does not invest in any businesses which offer credit or charge interest, or sell pornography, alcohol, or pork products.

According to representatives of the company, the Sharia advisory board does not make decisions about the financial merits of investments, and does not play a role in hiring or promotion of employees.

ubsidiaries

Arcapita's holdings include:
*Ampad – supplier of paper office products, based in Richardson, Texas
*Bijoux Terner [ [http://www.bijouxterner.com/content/home.html Bijoux Terner] ] – supplier of handbags, jewelry, watches, and other retail goods to airports, hotels, cruise ships, and entertainment venues, based in Miami, Florida
*Caribou Coffee – a large coffeehouse chain in the U.S., based in Minneapolis, Minnesota
*Church's Chicken – fast-food restaurant franchise, based in Atlanta, Georgia
*Cirrus Design – manufacturer of single-engine, piston-powered aircraft for general aviation, based in Duluth, Minnesota
*Cypress Communications [ [http://www.cypresscom.net/ VoIP Communications Management Specialists - Cypress Communications] ] – small-business telecommunications provider, based in Atlanta
*Meridian Surgical Partners [ [http://www.meridiansurg.com/ Meridian Surgical Partners | Performance, Efficiency, Achievement, Knowledge] ] – operates mobile surgery centers throughout the United States, based in Nashville, Tennessee
*Roxar – manages reservoir problems in the oil and gas industries, based in Stavanger, Norway
*Southland Log Homes [ [http://www.southlandloghomes.com/index.php Log Homes, Log Home Floor Plans, Log Cabins, Log Cabin Homes, Get log home floor plans from America's largest log home company] ] – a log home manufacturer, based in Irmo, South Carolina
*Tensar [ [http://www.tensarcorp.com/ Welcome to Tensar International Corporation] ] – site developer and provider of transportation infrastructure services, based in Atlanta
*Tender Loving Care Health Care Services [ [http://www.tlcathome.com/ Tender Loving Care] ] – home health care and hospice provider, based in Lake Success, New York
*Transportation Safety Technologies [ [http://www.tst-corp.com/ Home - Transportation Safety Technologies Inc] ] – manufactures specialty electrical components and safety products for vehicles, based in Indianapolis, Indiana
*Vogica – retailer and wholesaler of kitchens and bathrooms, based in Paris, France
*Working Rx [ [http://www.workingrx.com/ Working|Rx] ] – manages workers' compensation claims for retail pharmacies, based in Salt Lake City, Utah
*Yakima Products [ [http://www.yakima.com/ Yakima Racks, Bike Racks, Roof Racks for Skis, Cargo & Kayaks - Yakima] ] – manufacturer of sport racks and accessories for cars, based in Beaverton, Oregon

References

External links

*http://www.arcapita.com/