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Apr 20 2008

MD Interior Design Ties up with Emirates Islamic Bank to Offer Interior Design Solutions to Beneficiaries of Mohammed Bin Rashid Housing Establishment

Emirates Islamic Bank to Provide Islamic Finance for Interior Design Packages Worth 1bn AED
DUBAI: 20 April 2008 - Emirates Islamic Bank (EIB) and MD Interior Design, a member of Mohammed Bin Rashid Establishment for Young Business Leaders (SME), today signed an agreement to offer Islamic financing solutions to beneficiaries of the Mohamed Bin Rashid Housing Establishment , a government body that facilitates affordable housing for UAE Nationals.

According to the agreement, MD will offer a variety of cost-effective design packages financed by Emirates Islamic Bank to the beneficiaries of the Housing Establishment.

The project, the first of its kind in the UAE, offers home owners an opportunity to decorate their homes with stylishly designed furniture, window treatments, floor and wall coverings, accessories, art and lighting.

Abdul Baset Al Janahi, CEO of Sheikh Mohammed Est. for Young Business Leaders said: "We are proud to see our members building relationships with some of the country's leading companies to offer high-quality services. MD is one of the Establishment's several successful companies which have transformed their ideas into successful businesses while at the same time contributed to the community."

"Small and medium businesses like MD have an important role to play in the development of the local economy by providing innovative products and services," he added.

Eng. Rashid Al Moutawa, CEO of Mohammad Bin Rashid Housing said:"This cooperation agreement between Emirates Islamic Bank and MD Interior Designs is the first outcome of the Memorandum of Understanding that was signed between Mohammad Bin Rashid Housing and Mohammad bin Rashid Establishment for Young Business Leaders which stated a cooperation among member companies to support young UAE nationals through providing services to projects completed by Mohammad Bin Rashid Housing."

"Mohammad Bin Rashid Housing is opening the opportunity to the companies and institutions that are managed by UAE nationals to contribute to the building of their country through providing services to members of Mohammad Bin Rashid Establishment for Young Business Leaders and to encourage young UAE women and men to support their own private businesses."

He also added that Mohammad Bin Rashid Housing is not only providing UAE nationals with housing opportunities but also adding this service to offer the best solutions for the interiors of their new houses. The establishment had also signed strategic agreements with several government bodies to secure an additional loan for UAE national to complete financing their homes and to facilitate furnishing them.

Faisal Aqil, General Manger- Retail, Emirates Islamic Bank said: "We are pleased to partner with MD Interior Designs on this pioneering project. UAE nationals, who buy villas offered by the Mohammed Bin Rashid Housing Establishment can benefit immensely from this project. This partnership will provide attractive interior design finance packages that suit different budgets of potential buyers. The Beneficiaries will receive easy financing where they can pay monthly installments."

Emirates Islamic Bank offers Shariah-compliant services for both retail and corporate customers.

Monther Darwish, General Manager of MD Interior Design said: "The project aims at enabling UAE nationals decorate their homes cost-effectively. MD's packages offer high-quality durable and elegant furniture, coverings and accessories that meet a variety of tastes. We hope our offerings will help people create the homes of their dreams."

"We are proud to be leaders in our business and offer exceptional and remarkable interior design and packages for our fellow young UAE nationals. We aim to be vital players in our society and to contribute to the building of our country and for a brighter tomorrow."

MD Interior Design has developed 135 design packages and offers three options for each of the 45 villa models on sale. Phase I of Mohammed Bin Rashid Housing Establishment's housing project will include 544 villas. The entire project includes 10,000 units.

MD Interior Design received the Sheik Mohammad Bin Rashid Establishment for Young Business Leaders Award for the best interior design.

-Ends-

About Mohammed Bin Rashid Est. for Young Business Leaders
The Mohammed Bin Rashid Establishment for Young Business Leaders was launched in 2002. The vision of the Establishment is to nurture the entrepreneurial spirit among UAE nationals and catalyze the development and growth of the small and medium size enterprises. The Establishment's core mission is to encourage and facilitate the development of local start up businesses across the UAE. To this end, the Establishment offers a wide range of incentives, enabling services and training programmes. The services of the SME extend to both entrepreneurs with existing businesses as well as budding entrepreneurs.

About Emirates Islamic Bank
Emirates Islamic Bank opened its doors in October 2004 with a mission to provide consumers in the UAE with effective and innovative Shari'a-compliant financial solutions.

The Bank offers a wide range of Shari'a compliant products and services conforming to the highest standards of Islamic finance and all its activities are overseen by a Shari'a board comprising several prestigious scholars of Islamic law.

On the retail side, the bank has an array of products, such as a full range of credit cards including Visa Infinite Card; Manzili Home Finance, Intaleq Car Finance, and many other products. The bank has also launched Al Reem Ladies Banking, a specialized banking service designed to cater to the banking and financial needs of women in the region

The bank also offers Ethmar Priority banking to suit the demands of the high-net-worth clients. To cater to the specific needs of small businesses in the UAE, the Bank has developed an SME unit offering this important segment a wide range of Finance, Deposit and investment products that ensure that their business aspirations are met effectively and efficiently.

Emirates Islamic Bank is very active on the Corporate Banking level, seeking exceptional investment opportunities in the local as well as the regional market. Within three years of its inception Emirates Islamic Bank has managed to position itself as one of leading financial players in the UAE's banking sector. The bank's rapid growth and success is mainly due to its continued successful launch of Shari'a compliant products, services and other key business initiatives.

EIB is headquartered in Dubai and employs more than 800 staff through out 23 branches all across the UAE.

For further information on please contact:
Diala Saadeh
Jiwin Public Relations
Exclusive Affiliate of Burson-Marsteller in the Middle East
Tel: +9714 3642199
Mob: +97150 4549895
Email: diala.saadeh@jiwin.ae

Maliha Aqeel
JiWin Public Relations
Exclusive Affiliate of Burson-Marsteller in the Middle East
Tel: +971 4 3613598
Mob: +971 50 6331976
Email: maliha.aqeel@jiwin.ae

© Press Release 2008


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