Dubai Islamic Bank (DIB) announced today its participation with banks from UAE, Saudi Arabia and Egypt in the finance of a landmark expansion project of the Prophet Mohammed (peace be upon him) Mosque in Madinah City, Saudi Arabia. The project will include the development of the Prophet's Mosque eastern piazza and the construction of a parking area and terminal. In the same area, a transport station and underground parking area will also be developed.
According to the agreement, DIB will provide a SAR400 million financing facility for this project. The list of the participating Banks include: Samba Financial Group, Mashreqbank, Union National Bank, Abu Dhabi Commercial Bank and Commercial Bank International.
Ayman Adel, Vice President - Head of Real Estate Finance Department, Dubai Islamic Bank, said: "We are extremely delighted to be part of this significant development project in Madinah City, which will lead to the expansion and restoration of this site."
"This project is of great moral value to DIB, which continues to consolidate its leadership in managing the world's largest Sharia'a-compliant financing transactions in different sectors. The bank has provided financing facilities totaling AED 50 billion to the contracting sector during the past three years," he concluded.
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Dubai Islamic Bank participates in financing the expansion of Mosque in Madinah City
- Saudi Arabia: Saturday, March 31 - 2007 at 14:30
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Ayman Adel, Vice President - Head of Real Estate Finance Department, Dubai Islamic Bank.
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Posted by Lara Lynn Golden, News EditorSaturday, March 31 - 2007 at 14:30 UAE local time (GMT+4)
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This article was updated on Sun Apr 01 2007.
Notes and Media Contacts »
For further information, please contact:
Bakul Gala / Tarek Fleihan
Mobile: +97150 2459547 / 5198511
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3344550
Fax: +971-4-3344556
About DIB:
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices.
DIB is a public joint stock company and its share is quoted on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.
The bank has been proactive in creating partnerships and alliances at local and international level. DIB has adapted an aggressive expansion strategy, which started with the establishment of DIB Pakistan Limited, a wholly owned subsidiary of DIB. The bank has also co-managed Pakistan's US$600 million first Sovereign Islamic bond issue that received a tremendous response from investors.
DIB opened its first representative office in Turkey to improve its access to that market. DIB has also acquired 60 per cent of its stake in Al Khartoum Bank and is also among the parents banks of Emirates and Sudan Bank (ESB). The steps taken mark DIB's ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.
DIB has also shown its outstanding capabilities by being appointed to provide specialist financial solutions for huge developmental projects including the Dubai Ports, Customs & Free Zone Corporation (PCFC) $3.5 billion Sukuk, the world's largest, and Dubai's Department of Civil Aviation US$1 billion Islamic bond issue. The issue was arranged to raise funding for the second phase of the expansion of Dubai International Airport. The bank also managed financing of US$350 million for Nakheel. The financing made further capital available to build on Nakheel's blue chip portfolio of developments such as The Palm in Dubai.
Bakul Gala / Tarek Fleihan
Mobile: +97150 2459547 / 5198511
ASDA'A Public Relations
Dubai, UAE
Tel: +971-4-3344550
Fax: +971-4-3344556
About DIB:
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices.
DIB is a public joint stock company and its share is quoted on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.
The bank has been proactive in creating partnerships and alliances at local and international level. DIB has adapted an aggressive expansion strategy, which started with the establishment of DIB Pakistan Limited, a wholly owned subsidiary of DIB. The bank has also co-managed Pakistan's US$600 million first Sovereign Islamic bond issue that received a tremendous response from investors.
DIB opened its first representative office in Turkey to improve its access to that market. DIB has also acquired 60 per cent of its stake in Al Khartoum Bank and is also among the parents banks of Emirates and Sudan Bank (ESB). The steps taken mark DIB's ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.
DIB has also shown its outstanding capabilities by being appointed to provide specialist financial solutions for huge developmental projects including the Dubai Ports, Customs & Free Zone Corporation (PCFC) $3.5 billion Sukuk, the world's largest, and Dubai's Department of Civil Aviation US$1 billion Islamic bond issue. The issue was arranged to raise funding for the second phase of the expansion of Dubai International Airport. The bank also managed financing of US$350 million for Nakheel. The financing made further capital available to build on Nakheel's blue chip portfolio of developments such as The Palm in Dubai.
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