Latest news with #ShariaFinance
Arabian Business
27-05-2025
- Business
- Arabian Business
Binghatti, ADIB sign massive deal for Sharia-compliant home financing in Dubai
Dubai developer Binghatti Holding Ltd has signed a Memorandum of Understanding with Abu Dhabi Islamic Bank (ADIB) to provide customers with Sharia-compliant home financing solutions for off-plan property purchases. The agreement will enable homeowners to secure financing once construction reaches 35 per cent completion across Binghatti's development projects. 'This innovative Islamic financing solution is a game changer for our industry and will continue to support the growth of off-plan sales and the sustainability of the real estate market. We expect to be able to offer our growing customer base a lower threshold to access financing across our projects under development in Dubai and a way to benefit from market appreciation. We have a strong relationship with ADIB over many years and are delighted to be working together to support the evolution of home financing,' Engr. Katranalda BinGhatti, Chief Executive Officer, Binghatti said. ADIB and Binghatti partnership Binghatti currently has 18,600 units under development across 23 projects in residential areas across Dubai, including Downtown, Business Bay, Jumeirah Village Circle, Al Jaddaf, Dubai Science Park, Dubai Production City and Sports City. The developer launched its 1,600-unit project, Binghatti Aquarise, in early May at an event at the Coca-Cola Arena with nearly 12,000 people in attendance. Binghatti operates an in-house business model comprising design, build and materials sourcing. 'ADIB continues to play a pivotal role in expanding access to home financing in the UAE, empowering more individuals and families to take their first step into being property owners. This partnership with Binghatti reflects our shared vision of enabling homeownership by providing innovative Sharia-compliant solutions. Together, we aim to deepen the real estate financing market in the UAE by unlocking greater affordability and financial inclusion,' Mohamed Abdelbary, Group Chief Executive Officer at ADIB added. In 2024, the company recorded sales of AED 11.6 billion, representing a 161 per cent year-on-year increase, driven by 16 project launches and the delivery of 3,700 units.
Zawya
27-05-2025
- Business
- Zawya
Dubai Islamic Bank loans $150mln to Turkcell to build Turkey's key digital infrastructure
Dubai Islamic Bank (DIB), the UAE's largest Islamic bank, has signed a $150 million Sharia-compliant financing agreement with the Istanbul-headquartered telco Turkcell to drive critical infrastructure development in Turkey. The five-year Murabaha facility will support Turkcell's investments in data centers, cloud technologies, and renewable energy, the Dubai-listed lender said. Turkcell CEO Ali Taha Koç said the transaction will accelerate the company's infrastructure investments and support long-term growth, opening doors to new Gulf-based investors. (Editing by Bindu Rai,
Zawya
26-05-2025
- Business
- Zawya
Muzn Islamic Banking strengthens support for Oman's housing vision through developer partnerships
Muscat: NBO Muzn Islamic Banking has announced the signing of two Memoranda of Understanding (MOUs) with Sohar Real Estate Development LLC to support the Hai Majd Project and Zain Property Development LLC to support Husn Al Zain Project. The agreements enable Muzn Islamic Banking to provide Shari'a-compliant home financing solutions to eligible customers purchasing properties developed under the Sorouh Initiative for Integrated Residential Neighbourhoods. Formalised by officials from the Ministry of Housing and Urban Planning, the National Bank of Oman (NBO), and the respective developers; the agreements were signed by Abdullah Zahran Al Hinai, Chief Executive Officer of NBO, Mahmood Al Mandhari, CEO of Sohar Real Estate Development LLC, and Mish'al Al Raisi, Managing Director of Zain Property Development LLC. Commenting on the agreements, Salima Obaid Issa Al-Marzoqi, Assistant General Manager and Chief Islamic Banking Officer at NBO, stated, 'These partnerships mark a significant milestone in our efforts to deliver accessible, Shari'a-compliant housing solutions. Muzn Islamic Banking is committed to empower individuals and families across Oman with ethical financing options that align with their values. Through our collaboration with trusted developers and MOHUP, we are proud to support the government's vision of sustainable urban communities.' The Sorouh Initiative, spearheaded by the Ministry of Housing and Urban Planning, aims to provide integrated residential communities across Oman through partnerships with the private sector. Muzn Islamic Banking's role in this initiative underscores its ongoing support for national development priorities and its focus on delivering innovative Islamic financial products and services. For more information on Muzn Islamic Banking home financing solutions, customers can contact Muzn Islamic Banking customer service at 24770001 or visit
Argaam
22-05-2025
- Business
- Argaam
Knowledge Economic City secures SAR 150M financing from Al Rajhi Bank
The Knowledge Economic City Co. secured a Sharia-compliant corporate financing worth SAR 150 million from Al Rajhi Bank, which will go to finance the company's working capital and support the execution of its strategic objectives. In a statement to Tadawul, the company said that the financing term is four years, noting that the guarantees offered for the financing are lands mortgage and promissory notes. There are no related parties to the agreement, it said.
Zawya
22-05-2025
- Business
- Zawya
ADIB and MoIAT sign agreement to accelerate investment in the UAE's industrial and technology sectors
Partnership aims to provide tailored Sharia-compliant financial solutions to empower SMEs Dubai, UAE – Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution in the UAE, has signed an agreement with the Ministry of Industry and Advanced Technology (MoIAT) during Make it in the Emirates 2025 to support investment and growth across the country's industrial and technology sectors. The partnership sets out a joint framework for Sharia-compliant financing solutions for local and international investors, while helping to advance the UAE's industrial capabilities and encourage the adoption of advanced technology in manufacturing. The agreement also reinforces the shared commitment of both parties to empowering the SME sector, supporting expansion plans and boosting industrial competitiveness in the UAE. The agreement outlines a series of cooperation areas including facilitated access to financing for industrial projects, support for business growth and expansion, and advisory services for small and medium enterprises. ADIB will offer financial solutions aligned with the goals of National Strategy for Industry and Advanced Technology, while also providing regular updates and tailored financing packages that cater to industry-specific needs. His Excellency Osama Amir Mohamed Fadhel, Assistant Undersecretary for the Industrial Accelerators Sector at the Ministry of Industry and Advanced Technology (MoIAT), said: 'MoIAT continues to build strong partnerships with government and private entities and financial institutions to strengthen the industrial sector and provide innovative solutions that drive the growth of industrial and technological projects.' He added: 'Financial institutions have played a vital role in advancing the goals of the various initiatives, plans, and programs launched by MoIAT. We greatly value the signing of this agreement with ADIB and encourage industrial companies to take full advantage of the comprehensive packages, incentives, and enablers we offer to support their expansion and long-term growth.' Supporting the Private Sector Commenting on the partnership, Mohamed Abdelbary, Group Chief Executive Officer of ADIB, said:"This MoU reflects our strong commitment to supporting the growth of the UAE's industrial and SME sectors through ethical, Sharia-compliant financing. We are proud to collaborate with MoIAT to deliver innovative banking solutions that align with national development priorities and help businesses scale with confidence. By supporting the 'Make it in the Emirates' initiative and the related forum, we are contributing to a more diversified and globally competitive industrial base, empowered by advanced technology and guided by strategic investment. ADIB remains committed to delivering practical, value-driven financial solutions that enable businesses to grow, innovate, and thrive". Financial Solutions The agreement will see ADIB offer financial solutions with competitive profit rates and extended repayment periods, in line with its internal policies and regulatory requirements. It also reinforces ADIB's wider mission to support economic diversification and long-term prosperity in the UAE through responsible Islamic banking. Through this collaboration, MoIAT and ADIB will jointly promote investment opportunities within the UAE, drawing on shared expertise, data and sectoral insights. ADIB will also support MoIAT's efforts to accelerate the application of advanced technologies across key industries, with a focus on enabling sustainable and future-ready growth. About ADIB ADIB is a leading bank in the UAE with AED 244 billion in assets. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides Retail, Corporate, Business, Private Banking and Wealth Management Solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX). ADIB has a strong presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Qatar, and Iraq. Named World's Best Islamic Bank by The Financial Times - The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Emirates airlines, Etihad and Etisalat and a wide range of financing products. For media information, please visit or contact: ADIB Edelman Lamia Khaled Hariz Simon Hailes Head of Public Affairs Director of Financial Communications
