Sources in the Emirates Islamic Bank confirmed that its headquarters in Dubai selected recently a design for construction of a modern housing tower on the promenade of Khaled Lake in Sharjah. The total costs of the project are put at 150 million Emirate Dirahams ($40.8 million), reported Al-Khalij daily (June 2, 2005).
The Bank is expected to sign design and supervision contract with Mazaya Engineering Consultants Company next Saturday (June 11). According to the executive chairman of the bank, Ibrahim al-Shames, The tower will be composed of 37 floors, health club, and 7 floors of parking lots. The accomplishment of the project is expected in 3 years, and it will be the first investment project of the bank out of 3 planned projects. The other two are to be accomplished in Dubai and in Fujairah.
The bank intends to offer the project's unit for sale soon, with discounts for cash payment or through financing for long periods through the bank, just after completing offering the project for public tender.
Emirates Islamic Bank was launched in 2004 to provide Islamic banking services across the UAE. It offers a range of Shari'a compliant products and services. All its activities are overseen by a Shari'a board comprising several scholars of Islamic law.
