Deutsche Bank forms Shariah-compliant home financing firm
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Deutsche Bank forms Shariah-compliant home financing firm

Deutsche Bank forms Shariah-compliant home financing firm

Deutsche Bank has announced the formation of a joint venture Shariah-compliant home financing company with a group of Saudi-based investors, led by Fahad Abdullah Abdulaziz Al Rajhi. The 40-60 JV, Deutsche Gulf Finance, has an initial capitalization of approximately $110m, and will initially provide Islamic home financing for properties located in Saudi Arabia, with plans to expand its operations into Bahrain, Qatar and Kuwait in the future. Deutsche Bank Research projects Saudi Arabia will need 1.2 million additional housing units by 2015.

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