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Posted On: 21 June 2009 08:37 am
Updated On: 12 November 2020 02:09 pm

Bank, realty firm sign deal to build tower

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QIB and Salam Bounian have signed a QR206mn ‘Musharaka agreement’ through which the bank will finance the developer’s Jumana Tower at The Pearl-Qatar. Jumana Tower is a residential project at The Pearl’s Porto Arabia. Facing the marina, the 28-floor tower offers 250 luxury apartments. Jumana Tower construction is proceeding according to schedule and is due for delivery next year. QIB chief executive officer Salah Mohamed al-Jaidah said: “Qatar’s economic growth has been measured between 7% and 9% in 2009. With continual government support of the local real estate sector and the resulting involvement of primary local financial institutions such as QIB, sector growth will continue to rise and the market will see an increasing number of large finance deals such as QIB’s agreement with Salam Bounian.” Ahmad Meshari, QIB general manager (Domestic Business Group) said: “QIB and Salam Bounian have a strong collaborative history regarding Shariah-compliant finance agreements. QIB has previously arranged sukuk for Salam Bounian for a $137.5mn finance for ‘The Gate’ project. “The Jumana Tower agreement is an extension of QIB and Salam Bounian’s strong relationship characterised by the strength and stability of its real estate projects.” QIB is Qatar’s largest Islamic bank and one of the largest Shariah-based lenders in the world. Salam Bounian general manager Yasser Hamad said: “This agreement is symbolic in that it is the first major Islamic finance agreement to occur since the global economic crisis. It proves that Salam Bounian is respected in the banking industry and is considered a strong company in the market with a solid foundation and good reputation.”