Badr Al Islami to finance Fakhruddin developments

DUBAI - Fakhruddin Properties has put into action an agreement with Badr Al-Islami, the Islamic banking arm of Mashreqbank, to finance the purchase of property projects developed by the company.

By (Staff report)

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Published: Tue 29 Apr 2008, 9:40 AM

Last updated: Sun 5 Apr 2015, 11:46 AM

The agreement, which offers a range of Shariah-compliant retail, investment banking and corporate services, states that the bank will finance up to 90 per cent of the purchase of the company's property projects for the benefit of UAE-based investors, with the Maimoon Twin Towers project situated on Jumeira southern village, Dubai, to be prioritised.

In addition, the agreement for the first time provides non-residents, particularly non-Arabs, who wish to buy properties from Fakhruddin with Shariah-compliant financing solutions covering up to 75 per cent of the purchasing costs, to be paid back in flexible installments over a period not to exceed 25 years. "The agreement covers all properties developed by Fakhruddin in the UAE and represents a strategic partnership between our company and Mashreqbank, through its Islamic banking unit, Badr Al Islami." said Akbar Fakhruddin, the chairman of Fakhruddin group. "Under Islamic finance, a building is insured by the bank not by the investor. Thus, in the event that the building sustains any major damage, the bank, will pay for the reconstruction costs." he explained.

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