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Bahrain’s Diyar Al Muharraq signs $366m Islamic financing

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Bahrain-based real estate developer Diyar Al Muharraq said on Wednesday that it had secured $366 million in Islamic financing from four banks to develop a new housing project.

The murabaha contract was signed with Al Salam Bank-Bahrain, Kuwait Finance House, Bank of Bahrain and Kuwait, and Al Baraka Islamic Bank of Bahrain. Murabaha is a common cost-plus-profit arrangement in Islamic finance.

The money will be used to help develop the 1.2 million square metre Deerat Al Oyoun project, a residential community with a first phase planned for completion in February 2018.

Source: http://ameinfo.com/construction-real-estate/residential/bahrains-diyar-al-muharraq-signs-366m-islamic-financing/