Financing deal signed between Abraj Al Lulu and Reef
A financing deal was signed earlier this week between Pearl Real Estate Development Company and Bahrain-based Reef Real Estate Finance Company BSC to provide home financing to buyers at the BD95 million ($250 million) Abraj Al Lulu development, a freehold luxury apartments project in Bahrain.
Pearl Real Estate, a consortium of GCC investors, announced the important deal on Tuesday that it would supply Shariah-compliant mortgage financing to buyers at the development, according to Khaleej Times.
"Our agreement with Reef is a strategic step towards providing best-of-class mortgage financing options to our customers and to making quality housing more affordable to GCC nationals, Bahrainis and expatriates looking at investing in a home in Bahrain,” said Mohammed Dadabhai, Chairman of Pearl Real Estate Development Company.
Bahrainis, other GCC nationals and expatriates residing in GCC would be offered Reef's Shariah- compliant mortgage financing product of Ijarah Muntahia Biltamleek (lease to own) under the agreement. Borrowers will be entitled to up to BD350,000 (approximately $920,000) for durations ranging from 5-25 years.