IslamicFinance.de

Diyar Al Muharraq has announced the signing of a Murabaha contract worth $366 million with a consortium of banks including Al Salam Bank-Bahrain, Kuwait Finance House, Bank of Bahrain and Kuwait and Al Baraka Islamic Bank. The participating banks will part fund the Deerat Al Oyoun Social Housing project; total costs are estimated at $700 million. Diyar Al Muharraq will bear the responsibility for financing and constructing all units of Deerat Al Oyoun as well as the initial infrastructure and public utilities. The anticipated date for the project’s first phase completion is February 2018. Al Salam Bank Deputy Group CEO Anwar Murad commented on the agreement being a milestone in terms of organizing a project of this magnitude, stressing the cooperation between Islamic and conventional banks in the region.