Dubai Islamic Bank Signs Dh824m Loan Deal

Dubai Islamic Bank (DIB) has arranged Islamic financing of Dh824 million for Al Hamad Group to fund a portion of the Remraam project coming up in Dubailand. The total value of the contract for Al Hamad Group is Dh3.37 billion and consists of 108 residential buildings, including facilities such as shopping malls, health clubs and mosques. Dubai Islamic Bank plans to expand its business in the vital sector of Islamic financing for both regional and local contractors. Our relationship with Al Hamad Group has developed extremely well, and their performance on awarded projects has been quite satisfactory, said Ayman Kamal, chief of investments and real estate for DIB.