Fakhruddin Properties yesterday said it has tied up with Badr Al Islami, the Islamic banking arm of Mashreq, to finance the purchase of projects developed by the company. The agreement, which offers a spectrum of Shariah-compliant retail, investment banking and corporate services, states that the bank will finance up to 90 per cent of the purchase of the firm's property for the benefit of UAE-based investors, with the Maimoon Twin Towers project situated on Jumeirah Village South to be prioritised.
The agreement provides non-residents, particularly non-Arabs, with Shariah-compliant financing solutions covering up to 75 per cent of the purchasing costs, to be paid back in 25 years.
Chairman Akbar Fakhruddin described the agreement as "a major Islamic solution" that will help his company's clientele to "own plush properties designed according to the latest state-of-the-art technology". "The agreement covers all properties developed by Fakhruddin in the UAE and represents a strategic partnership between our company and Mashreq," he said.
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