The total value of the contract for Al Hamad Group is Dhs3.37bn and consists of 108 residential buildings, including facilities such as shopping malls, health clubs, and mosques. Dubailand is being developed by M/s Mizin, a member of Tatweer.
Ayman Kamal, Chief of Investments and Real Estate for DIB, said: 'Dubai Islamic Bank plans to expand its business in the vital sector of Islamic financing for both regional and local reputed contractors. Our relationship with Al Hamad Group has developed extremely well, and their performance on awarded projects has been quite satisfactory.
'DIB continues to finance landmark construction projects both here in Dubai and across the wider region. Al Hamad Group is one of our elite clients, and our relationship with them extends across a range of significant projects,' he added.
Nashaat Sahawneh, Chairman of Al Hamad Group, said: 'Our relationship with DIB began four years ago and has grown significantly since then. The bank has supported us in different projects worth over Dhs9bn. A majority of those projects have already been completed, while the others are progressing as per schedule. These projects are coming up in the UAE, Bahrain and Jordan. We are very pleased to further strengthen our partnership with DIB and appreciate the vital support the bank continues to extend to the Al Hamad Group.'
Located in Dubailand, adjacent to Bawadi Boulevard and Arabian Ranches, Remraam will be a green and vibrant master-planned community. offering a mix of residential units and wide range of community facilities, including parks, a dedicated shopping mall as well as entertainment outlet.
Dubai Islamic Bank is a Sharia-compliant financial institution. As such, please refrain from using any of the following terms in reference to the bank and its activities:
•Loan
•Lender / Lending / Lend
•Borrower / Borrowing / Borrow
•Credit facility
•Advance
•Interest
Dubai Islamic Bank and Al Hamad Group sign Dhs824m Islamic financing agreement
Dubai Islamic Bank (DIB) announced today that it has arranged Islamic financing totaling Dhs824m for Al Hamad Group to finance a portion of the Remraam project coming up in Dubailand.
- United Arab Emirates: Tuesday, July 08 - 2008 at 15:39
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About Dubai Islamic BankDubai 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 reported Dhs2.5bn in net profit for the year ending December 31, 2007, rising by 60% compared to Dhs1.56bn for 2006. The bank recorded total revenues of Dhs7bn for 2007, rising by 46% compared to Dhs4.8bn for 2006. Total assets in 2007 reached to Dhs84.3bn, an increase of 31% compared to Dhs64.4bn in 2006.
DIB set a world record by raising a $3.52bn sukuk for the Nakheel Group. This sukuk adopted an innovative structure never used before in Islamic or conventional banking history.
The bank has been proactive in creating partnerships and alliances at both the local and international level. DIB has adopted an aggressive expansion strategy, which started with the establishment of DIB Pakistan Limited, a wholly owned subsidiary of DIB. DIB opened its first representative office in Turkey to enhance its access to that market. DIB has also acquired a stake in Al Khartoum Bank and a stake in Emirates and Sudan Bank (ESB). These steps mark DIB's ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.
DIB has won the respect of its peers around the world. The bank was recently named by Islamic Finance News the UAE's Best Islamic Bank. DIB has also received many awards from international organizations, such as the prestigious 'Bank of the Year - UAE' award from The Banker magazine and additional accolades from Euromoney.
For further information, please contact:
Nicholas Nesson / Mohammed Daggamseh
ASDA'A Public Relations
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080
Posted by Medilyn Manibo, Assistant News EditorTuesday, July 08 - 2008 at 15:39 UAE local time (GMT+4)
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