Riffa Views and NBB sign US$82 Million Murabaha Facility Agreement

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.”

Riffa Views and NBB sign US$ 82 million Murabaha facility agreement

National Bank of Bahrain today signed a project financing agreement with Riffa Views BSC (c). The funding will be used primarily to finance the construction of the remaining phase of the Riffa Views project, which is to set the standard for luxury residential developments in the Kingdom of Bahrain. Mr. Abdul Razak Al Hassan Al Qassim, General Manager of NBB and Mr. Yasser Abdul Rahman Abdulla, Board Member, Riffa Views signed the agreement.

Speaking on the occasion, Mr. Abdul Razak Al Hassan Al Qassim commented, “NBB has always been leading economic development in the Kingdom of Bahrain. NBB’s Corporate Banking Team, along with the team from Arcapita Bank, has played a major role in the fruition of this deal. Being associated with the prestigious Riffa Views project highlights NBB’s ability to provide custom-made solutions for its customers and reflects NBB’s position as the Kingdom’s leading commercial bank.”

He continued: “This agreement marks the diversified innovative capabilities of NBB towards implementing the bank’s long term goal of being a major player across the economic sectors in the region.”

Mr. Yasser A. Abdullah commented: “As a Bahrain-based organization, Riffa Views is happy to be working with National Bank of Bahrain, and consider this a key partnership in the overall progression of the project. Both organizations share a united goal and are committed to the long term sustainable development of Bahrain as a premier tourism, lifestyle and sporting destination.”

Riffa Views is a joint venture between Arcapita Bank and Bahrain International Golf Course Company (BIGCC), created for developing and selling luxurious townhouses and villas. The development is comprised of three distinctive Signature Estates (The Oasis Estate, The Lagoons Estate and The Park Estate) and offers a unique opportunity to both locals and foreigners to be part of a luxurious lifestyle unrivalled anywhere else in Bahrain. The project has attracted huge interest from the local and international communities and has sold over 440 units to date.

With the tremendous surge in real-estate developments in the Kingdom, NBB has embarked on an ambitious growth path to address the requirements in this sector. This deal with Riffa Views aptly demonstrates NBB’s ability to facilitate real estate and housing projects in the Kingdom of Bahrain.

Mr. Abdul Razak A. Hassan Al Qassim, General Manager of NBB; Mr. Yasser A. Abdulla, Board Member of Riffa Views, Mr. Nader Maskati, Assistant General Manager, Domestic Business Banking of NBB, Mr. Abdul Hakim Abdul Malik, Senior Manager, Finance and Admin, Riffa Views and Mr. Tariq Ikram Siddiqui, Head of Corporate Banking, NBB attended the signing ceremony, which was held at the Marquee Salon in Riffa Views.

Mr. Ahmed J. Murad, Manager, Corporate Banking of NBB and Ms. Fatima Budhaish, Manager Credit Policy & Risk Management of NBB also attended the ceremony.

Ceremony marks Riffa Views’ Donation to American Mission Hospital’s Pediatric Clinic

A plaque unveiling ceremony took place today in American Mission Hospital to mark Riffa Views’ donation of BD10,000 from last year’s AAB-AMH Island Classic golf tournament. Mr. Richard Browning, CEO of Riffa Views Signature Estates, revealed the donation will further improve and upgrade American Mission Hospital’s Pediatric Clinic.

The BD 10,000 donation will assist the purchase of new medical equipment, with the aim of enhancing the excellent standard to care provided by the staff of AMH. The funds will also allow for new furniture, colorful decoration and materials for play with the aim of making children’s time at AMH more enjoyable.

Mr. Browning commented: “Riffa Views is proud to support the AAB-AMH Island Classic, held each year under the patronage of His Majesty the King, Shaikh Hamad bin Isa Al Khalifa.”

“Today’s plaque unveiling marks the donation from last year’s tournament, which we are pleased to announce will be used to support AMH’s Pediatric Clinic. This donation is particularly close to our hearts since our vision is based on promoting a healthy lifestyle, and as such we believe children in Bahrain should have access to quality healthcare for the benefit of their growth and development,” he added.

AMH Chief Medical Officer/CEO Dr. Paul Armerding said: “With the generous support of Riffa Views, we are able to meet the needs of our patients even more effectively. The donation will go a long way towards refurbishment of the Pediatric Clinic and towards better equipment to diagnose and treat our patients.”