Dubai Islamic Bank (DIB) has signed an agreement with Dubai World Trade Center (DWTC) to arrange for a four-year Wakala Islamic financing facility for 100 million Emirati dirhams ($27.22 million) in favor of the center's current expansion phase.
The financial transaction will allow DWTC to complete its expansion in the scheduled time frame, as it prepares for Dubai 2003—the Annual Meetings of the Boards of Governors of the World Bank and the International Monetary Fund.
Construction work is on for the Dh850-million development of the Dubai International Exhibition Center and Dubai International Convention Center. Halls 1 and 2 of the Dubai International Exhibition Center have been replaced by two modern exhibition halls, offering some 9,100 square meters of prime exhibition space in total.
In addition a 12-metre wide, two-storey concourse has fronted Halls 1 to 4, providing commercial space for retail and food outlets on the ground level and offices and commercial space to let on the first floor level.
DIB has been a joint signatory in several agreements for various Islamic modes of financing, with corporate and government institutions in the United Arab Emirates (UAE), Gulf Cooperation Council (GCC) countries and internationally. Established on 1975, Dubai Islamic Bank is considered to be the first Islamic bank in the world that has implemented the principles of Islam in all its practices. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
