FOR IMMEDIATE RELEASE Victoria, July 10, 2009...With real estate sales far surpassing expectations and defying the economic downturn in recent months, Bear Mountain Resort developer Len Barrie’s unyielding optimism was further buoyed with news that Bear Mountain Resort had attracted international investment from Dubai and as such would soon become the first major corporate “sukuk” in Canada.

At a recently concluded London Sukuk Summit, Siraj Capital (Dubai) Ltd. announced that Bear Mountain Resort, a spectacular resort community nested neatly into a southern Vancouver Island coastal forest boasting Canada’s only 36 hole Nicklaus Design golf experience, would become the first major sukuk to be based on Canadian assets. A sukuk is a hybrid between a share and a conventional bond and is used by Islamic investors to avoid the payment of interest which is forbidden in Islam.

"I was intrigued when I received the invitation to attend the London (Sukuk) Summit as I had only read about sukuk investment financing," explained Len Barrie, visionary and President Bear Mountain Resort. "Given the global economic crisis, the sukuk is a sensible investment for informed investors who are wary of coming back into the conventional bond market. The sukuk holder actually has an ownership interest in the underlying asset – in this case, Bear Mountain Resort. As the community continues to take shape over the next 10 to 12 years, Bear Mountain Resort will have roughly 1,112 single family lots, 1,997 condominiums and 220 town homes, totaling over 3,500 residences, and is projected to have a total build out value of $2.5 billion".

The Bear Mountain Resort sukuk, expected to close in mid-October, will raise approximately $350-million for the expansion and further development of the resort. "The Bear Mountain Resort sukuk will mark the true beginning of sukuk as an asset class in North America", explains Siraj Capital’s CEO, Ibrahim Mardam-Bey. "In order for sukuk to become a truly international asset class, some sukuk need to have both the underlying assets and at least some of the investment must come from outside the GCC and Malaysia. Siraj Capital received interest in the Bear Mountain sukuk from attendees at the London show and from conventional and Shariah compliant investment firms in North America, London, the Middle East, Malaysia and NigeriaSiraj. "This is extremely significant for us as we have a pipeline of potential opportunity in the U.S. and Canada."

"Investment interest in Bear Mountain real estate remains strong despite the global economic challenges. We have sold 100 condos and 50 lots in the past 17 weeks, and 200 sales is not an unrealistic goal for 2009," says Len Barrie. "Plus...we opened the Valley Course in May earning us the national distinction of being the only resort community in Canada to offer a 36-hole Nicklaus Design golf experience," said Barrie proudly. "What is important here is that we have never strayed from our long term vision of success for the Resort. The privilege of earning the attention and confidence of Siraj Capital and becoming the first major sukuk in Canada is a strong indication that we continue to be leaders in the resort development industry. I have always believed that we are not only on the right track offering secure and promising investments for our investor partners and home owners, we continue to break new ground and attract the attention and opportunity for the long term benefit of the Greater Victoria region."

Siraj Capital (Dubai) Ltd, is a Merchant Investment Company regulated by the Dubai Financial Services Authority with offices in Dubai and Jeddah, is committed to the expansion of the Islamic Finance industry by providing international best in class practice and service in its Islamic debt capital markets, private equity and business development groups.

Bear Mountain Resort, the premiere master-planned resort community on Vancouver Island, defines resort living. Boasting Canada's first and only 36-hole Nicklaus Design golf offering, the lush mountainside community features a montage of residential and vacation real estate opportunities as well as The Westin Bear Mountain Golf Resort & Spa. Medical and traditional aesthetics at the Santé Spa, a dining mecca with eclectic and world-class restaurants, a stateof-the-art Mountainside Athletic Club and The Village round out the complete lifestyle experience, all within minutes of the beautiful seaside harbor of Victoria, British Columbia. For more information call 1.888.533.BEAR.

-30-

Media inquiries:
To speak with Bear Mountain President and CEO, Len Barrie, please call
Kathi Springer, Pace Group Communications Inc.
250-888-8767
To speak with Siraj Capital (Dubai) Ltd. please call Jackie Sharpe, PR Director
+971-55-269-9667
+1-310-704-6699