DUBAI: Bahrain-based real estate developer Diyar Al Muharraq said on Wednesday that it had secured $366 million (Dh1.34 billion) 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. (Reuters)
