Qatar Real Estate News
QIB to fund Salam Bounian Jumana Tower project
The Qatar Islamic Bank (QIB) and Salam Bounian have entered into a QR206m worth Musharaka agreement, wherein the bank will finance the Jumana Tower project of the developer at The Pearl.
The Jumana Tower is a residential project located at Porto Arabia in The Pearl Qatar. The 28-storey tower with 250 luxury apartments faces the marina. The construction of the tower is progressing as scheduled, and is due for delivery next year.
Salah Jaidah, the CEO of Qatar Islamic Bank, mentioned that Qatar economy is growing at the rate of 7 to 9 percent this year. Through constant governmental support to the local property sector, and with the involvement of major financial institutions like QIB, the real estate sector would continue to flourish.
The QIB General Manager, Ahmad Meshari, commented that this agreement with Salam Bounian, is only an extension of the strong relationship that the Bank shares with the company, as it had earlier financed the company’s ‘The Gate’ project too.
According to Yasser Hamad, the Salam Bounian General Manager, this deal represents the first major Islamic Finance agreement to ever occur since the global economic crisis, and indicates that Salam Bounian is a strong company in the market with solid foundation and holds a good reputation.
Posted on 26/6/2009