Bahrain-based real estate developer Diyar Al Muharraq said 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 meter Deerat Al Oyoun project, a residential community with a first phase planned for completion in February 2018.
On the other hand, in line with its strategy to achieve sustainable development, Diyar Al Muharraq has partnered with engineering firm ByrneLooby to implement new projects to enhance the marine environment.
With the aim of finding effective and innovative solutions for the protection of coral reefs and marine life, Diyar Al Muharraq commissioned ByrneLooby to carry out a study to increase marine life, diversity and restore seagrass in Bahrain's marine environment, focusing on Diyar Al Muharraq's surrounding area.
Dr. Maher Al Shaer, Chief Executive Officer of Diyar Al Muharraq stressed on Diyar Al Muharraq's responsibility towards the environment and the protection of environment becoming a strategic objective in the real estate sector.