KHCB in key project finance deal
Manama, April 10, 2013
Bahrain-based Khaleeji Commercial Bank (KHCB) has signed an MoU with Ebrahim Abdulaal Group (EAG) to provide Sharia-compliant property finance for the purchase of properties at EAG's Marina Reef Real Estate Development project.
The agreement was signed by KHCB deputy general manager for commercial banking Fuad Taqi and EAG chairman Ebrahim Ali Abdulaal, reported the Gulf Daily News, our sister publication.
"Both Bahrainis and expatriates wanting to buy property in the Marina Reef are being offered fully Sharia-compliant property finance including a competitive profit rate, finance of up to 80 per cent of the current property value with a maximum limit of BD400,000 ($1.05 million) and approval granted within five working days of application submission," said Taqi.
"Ebrahim Abdulaal Group is renowned for its commitment towards innovation and quality and it is a matter of pride for KHCB to work with them.
Moreover, we believe this will further energise the real estate sector in Bahrain," he added.
Marina Reef is a luxury, freehold development, located on the Reef Island, a man-made island built in the heart of Manama in proximity of the Bahrain City Centre as well as the Seef shopping area.
The gated community will have three low rise buildings of six storeys each with 165 apartment units ranging from 92 sqm to 272 sqm.
The project is underway with 70 per cent of the construction work completed, said Abdulaal.
"We are confident that KHCB's well-designed real estate financing schemes and convenient profit rates will greatly benefit our customers who want to purchase property at the Marina Reef Development," he added.-TradeArabia News Service