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DUBAI, Sept 28 (Reuters) - 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.
(Reporting by Tom Arnold; Editing by Andrew Torchia) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
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.
(Reporting by Tom Arnold; Editing by Andrew Torchia) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
