Riffa Views host Themed Gathering for Bahrain’s International Ladies Group
May 14, 2007
Riffa Views Sales & Marketing Director, Hugh O’Shea, today hosted a special gathering for over 50 members of the International Ladies’ Group at Riffa Views. Members of the team treated the ladies of diverse nationalities to the “Riffa Views’ experience”, which included a visit to the development’s luxurious show homes.
The International Ladies’ Group, which meets regularly as a forum for networking for the support of charitable causes, was given an overview of the master-planned project including the unique architectural and stunning landscaping designs available in the three Signature Estates – The Oasis, The Lagoons and The Park.
The ladies were given a presentation on Riffa Views golf residential development, where the focus is on the exclusive lifestyle community from which the residents will benefit. They learned that the community will comprise serene landscapes and greenery, walkways with access to the entire development, children’s playgrounds, a country club and spa, two mosques and a comprehensive range of amenities including convenient shopping, a world-class educational facility and – naturally – an 18-hole championship golf course.
BiSB and Riffa Views sign MoU
May 7, 2007
BIsB and Riffa Views Signature Estates Sign Memorandum of Understanding to Provide Finance Options for Homes in Bahrain’s Premier Residential Location
Customers to have access to BD300,000 for a Period of Up to 25 Years
Bahrain Islamic Bank, the first Islamic bank in the Kingdom of Bahrain, has this morning signed a memorandum of understanding with Riffa Views Signature Estates to provide finance options for the purchase of homes within Bahrain’s premier residential development. Using the Islamic finance plans, customers will be able to purchase two and three-bedroom townhouses and spacious four and five-bedroom luxury villas within the Oasis and Lagoons phases of Riffa Views Signature Estates.
The memorandum allows BIsB to offer finance to prospective buyers of homes in Riffa Views through two financing programs: Tas’heel program for the construction phase, followed by the decreasing Musharaka program. The latter is an Islamic form of financing long-term property transactions.
Through the decreasing Musharaka, customers are given property finance of up to BD300,000 with a repayment period of up to 25 years. The rate of profit for such transactions is competitive and amounts to 8.5%. The decreasing Musharaka contract is a Sharia’a compliant housing solution, available to both Bahraini and expatriate customers in the local market and abroad.
Mr. Yousuf Saleh Khalaf, BIsB Chief Executive, commented: “We at BIsB appreciate and value the agreement signed with Riffa Views and consider them as a strategic alliance in this venture.”
He added: “With all the facilities and benefits offered by BIsB to its consumer and corporate customers, we become a major financier of projects in the Kingdom of Bahrain, and are pleased to be associated with a quality and internationally renowned project like Riffa Views.”
Chief Executive of Riffa Views Signature Estates, Mr. Richard Browning, commented: “This association marks another means of providing our discerning buyers with various financing options to support their purchase at Riffa Views. We see BIsB as a premier Islamic banking institution in the Kingdom of Bahrain, and hope that existing and new customers will benefit from this latest finance offering.”
Through this understanding with Rifffa Views, expatriate and Bahraini customers with monthly incomes of BD800 or more will be able to purchase residential units in Riffa Views. BIsB’s finance plans are Sharia’a compliant and have been approved by the Bank’s Sharia’a Supervisory Board.
Mr. Yousuf Saleh Khalaf concluded: “Our finance schemes include a Takaful insurance on the customer’s life so that the remaining instalments are waived in case of death. The property will also be insured in co-operation with a leading Islamic insurance company. Our rate of profit for this product is also considered the lowest in the market, giving a true service to customers.”
