ADIB Inks AED 500 Million Shariah-Compliant Agreement for the Development of Abu Dhabi’s Jubail Island

Abu Dhabi Islamic Bank (ADIB) has announced that it has signed an Islamic financing deal worth AED 500 million (USD 136 million) to fund the first phase of development for Jubail Island, marking the project’s first Shariah-based leasing (Ijarah) agreement.

Why it Matters?

Located between Saadiyat and Yas islands in Abu Dhabi, United Arab Emirates (UAE), Jubail Island is worth AED 5 billion (USD 1.4 billion) and will have six residential village estates covering more than 400 hectares, anticipated to house 10,000 residents in the next four years. Phase one of the project will see the infrastructure works and construction of up to 453 villas and 133 townhouses, expected for completion by the end of 2023. This facility exemplifies ADIB's attempts...