Being the sharia compliant arm of Mashreq - UAE's leading bank, Badr Al-Islami will be offering mortgage solutions for Fortune Avenue, Fortune Serene and Fortune Bay, worth over AED 1billion in sales value. Badr Al Islami will also mange the Trust Accounts for the three projects. While Fortune Serene is a residential project in International Media Production Zone, Fortune Bay and Fortune Avenue offer prime commercial space at commercially viable prices in Business Bay.
As per the agreement, Badr Al-Islami will structure finance options based on the investor requirements for the project. It will offers easy finance solutions of upto 80 percent finanace of the project value. Investors and buyers can avail a maximum of AED 12 million in home and commercial property mortgage. Under the incentive-rich finance plan, home and commercial property buyers can avail of up to 25 year mortgage tenors with profit range between 6.25% and 7.99% percent per annum.
Commenting on the tie-up with Badr Al-Islami Mr. Syed Muhammad Ali, C.E.O. of Fortune Group said: "Our tie-up with Badr Al-Islami is in line with our efforts to make property transaction with Fortune Group, simple and convenient. Through Badr Al-Islami's mortgage solutions, we are offering potential buyers a convenient way of owning their dream properties in Dubai's prime locations. The Sharia complaint payment plan allows flexbility not only in customising the mortgage solutions to suit customer needs but also allows the property buyer to space out the repayment over an extended period of time, thus reducing the financial burden. Through easy monthly installments home buyers and companies not only get an oppurtunity to create assets that hold high appreciation potential but also channalise money paid as rentals to buy a fully owned property".
Mr. Muhammad Arshad Khan, Head of Trust Account Management, Badr Al-Islami said: "We are delighted to team up with Fortune Group for the three prestigious projects and start this relationship with the opening of the Trust Account Management. As a developer; Fortune Group with its reputation for excellence is associated with some of the most iconic projects in Dubai. Badr Al-Islami is also pleased to offer the customer of Fortune Group, Sharia complaint mortgage solutions. We believe in creating partnership that will translate into greater value for the developer, investors and buyers."
Home buyers can visit the Fortune Sales Centre located in Al Attar Business Tower at the Sheikh Zayed Road from 9.am.to 6.30 pm. Fortune's sales staff and Badr Al-Islami home mortage finance team will be on hand to address any queries and to process the applications of interested buyers.
Located right in the heart of Business Bay, Fortune Avenue and Fortune Bay offer 600,000 sq ft of premium office space with world class amenities while Fortune Serene is purely a residential project that combines luxury with high functionality. The three projects are slated for completion in 2010.
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Fortune Group, Badr Al Islami tie-up for easy finance on prime residential and commercial projects worth over Dhs1bn in sales value
- United Arab Emirates: Monday, April 21 - 2008 at 16:03
- PRESS RELEASE
Fortune Group, a leading Dubai based property developer, today announced that it has tied up with Badr Al Islami to offer easy sharia compliant mortagage solutions to property buyers for its prime residential and commercial projects.
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About Fortune Group:Fortune Group's current investments in Dubai real estate is valued at over Dhs12bn across seven exclusive commercial and residential freehold projects. An integral part of Dubai's freehold market, the Fortune Group has developed the most innovative residential and commercial spaces in the Emirate. Burj Al Alam, the world's tallest commercial tower is the group's most recent and significant project development coming up at Business Bay. Other group projects are located at Jumeirah Lake Towers ,Business Bay, Palm - Jebel Ali, Dubai Sports City and International Media Production Zone.
About Badr Al-Islami
Established in 2006, Badr Al Islami is an independently managed business comprising Badr Al-Islami Finance and Badr Al-Islami Banking. Badr Al-Islami Finance, which is majority owned by Mashreq, is a private joint stock Islamic Finance Company and Badr-Al Islami Banking is the Islamic Banking Division of Mashreq.
With a diverse portfolio, Badr Al Islami offers its customers a complete spectrum of Sharia compliant products with high quality services. Its mission is to build a culture for customers' experience around the core Islamic values of trust, integrity, commitment and dedication.
Badr Al Islami is subject to the supervision of UAE Central Bank and an independent accounting firm, as well as, the Sharia Supervisory Board.
For further information about Badr Al Islami please visit http://www.badralislami.com/
For further information please contact:
Shazia Kamili
Percept Profile Gulf
Tel : (971-4) 344-6373
Fax : (971-4) 342-9158
Posted by Lara Lynn Golden, News EditorMonday, April 21 - 2008 at 16:03 UAE local time (GMT+4)
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