Masraf Al Rayan signs 131,000,000 QR contract to finance a residential project through Ijara

The bank is financing the project using the Ijara contract which is a Sharia'a compliant method and is one of the various financial products that Masraf Al Rayan offers.

Mr. Adel Mustafawi CEO of Masraf Al Rayan commented "Masraf Al Rayan is playing a major role in the world of banking. Being the region's only Sharia'h compliant fully fledged commercial and investment bank, all Masraf Al Rayan products offer its customers an innovative approach to their business and a new level of banking service."

"The method for the Ijara contract is completely Halal and effective by guaranteeing the developer needed cash flow for their development. This makes Masraf al Rayan the temporary owner of a project on behalf of the developer and the developer the owner once all payments have been completed." Mr. Mustafawi continued "this system benefits both parties."

The construction of the real estate project is to start very soon and is scheduled for completion in 2008.

It's important to note that despite the fact that Masraf Al Rayan is relatively new in the market, it is imposing itself in full force as a prominent financer for many large projects in Qatar and the region, owing to it's paid up capital of over 1 billion dollars.