Wednesday, April 30, 2008

Fortune Group partners with Badr Al Islami for easy mortgage solutions

The Dubai based property developer, Fortune Group, has entered into a partnership with Badr Al Islami, a Shariah-compliant arm of Mashreq, will offer Shariah-compliant mortgage solutions to property buyers for their residential and commercial projects.

Badr Al Islami will offer mortgage solutions for Fortune Serene, Fortune Avenue and Fortune Bay, worth more than $272million in value. It will also manage Trust Accounts for all the three projects.

Fortune Serene is a residential project in International Media Production Zone, while Fortune Bay and Fortune Avenue offers commercial space in Business Bay.

As per the agreement, Badr Al Islami will structure finance options depending on investor requirements for each project. It will provide easy finance solutions of up to 80 percent of project value. Buyers can avail maximum of $3.3mn in residential and commercial property mortgage.

No comments: