Diyar Al Muharrag Signs Agreement with Al Salam Bank-Bahrain to Setup an Escrow Account for ‘Deerat Al Oyoun’ Project

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1. For Immediate Release 8 October 2016 Diyar Al Muharrag Signs Agreement with Al Salam Bank-Bahrain to Setup an Escrow Account for ‘Deerat Al Oyoun’ Project Diyar Al Muharraq, one of the leading urban developers in Bahrain, announced the signing of an agreement with Al Salam Bank-Bahrain to form a real estate development escrow model for the ‘Deerat Al Oyoun’ Social Housing Project under the Ministry of Housing’s ‘Mazaya’ Scheme. The agreement is in accordance with Law No. 28 of 2014 and the Central Bank of Bahrain’s Resolution No. 20 of 2016 for the protection of the investors and all stakeholders in the development project, ensuring the application of the latest and best global practices. Present at the signing ceremony were Mr. Anwar Murad, Deputy Group CEO – Banking at Al Salam Bank-Bahrain, Dr. Maher Al Shaer, Chief Executive Officer of Diyar Al Muharraq, and Mr. Subhas Chandra, Chief Financial Officer of Diyar Al Muharraq. Commenting on the agreement, Dr. Maher Al Shaer, CEO of Diyar Al Muharraq said: “We are pleased to sign this agreement to establish an escrow account for the ‘Deerat Al Oyoun’ Social Housing Project with Al Salam Bank-Bahrain, with the initial cost for the first phase totaling BD 18.1 million which will be financed from the escrow account.” “We seek to boost investor confidence through this agreement, and safeguarding the rights of clients when selling units within this project. Our efforts are focused on ensuring that the works are within the given timeframe, and contribute to improving the quality of life and living standards through the provision of sustainable housing solutions in effort to meet the housing demands of the citizens.” On this occasion, Mr. Anwar Murad, Deputy Group CEO – Banking at Al Salam Bank-Bahrain commented: “We are delighted to sign this agreement with Diyar Al Muharraq, assigning Al Salam BankBahrain as the agent to establish an escrow account for the real estate development project. The escrow account comes in line with our focused efforts to offer innovative products and services towards the real estate sector in the Kingdom of Bahrain, which forms as part of our ongoing commitment towards providing pioneering Shari’a-compliant products and services tailored specifically to meet the changing needs of the citizens, the market place and the real estate sector.” “We are continuously seeking to facilitate the process for real estate developers and others who are pursuing licenses to carry out real estate projects that aim to strengthen the market and increase the confidence of the investors in the sector.” he further added.
2. Located in the heart of Diyar Al Muharraq , the ‘Deerat Al Oyoun’ community will span across 1.2 million square meters and will comprise an idea residential community with integrated community service centers and green pack spaces. Its strategic location also places it in close proximity to schools, shopping malls, public beaches, recreational facilities, mosques, medical facilities, and a modern transportation network. The anticipated date for the Project’s first phase completion is February 2018 Diyar Al Muharraq is a unique master planned city for the people of Bahrain offering a range of housing options and quality lifestyle. Diyar Al Muharraq offers a cohesive mix of residential and commercial properties with a strong lineup of projects aimed at creating a long term and sophisticated township. - End - Notes to the Editor: Diyar Al Muharraq is one of the most visionary and progressive urban developments in the Kingdom of Bahrain; an all comprehensive, fully integrated modern city best described as a complete society incorporating a strong line-up of projects which include a vast variety of residential and commercial properties, ideal for both personal and investment purposes. Aimed at creating a long term and sustainable township, Diyar Al Muharraq is located on the northern shores of Muharraq and comprises of 7 islands with a total of 10 square kilometers of reclaimed land. Upon completion, Diyar Al Muharraq will encompass over 40 kilometers of waterfront with sandy beaches, and all the elements of a vibrant community ranging extensively from fully equipped educational facilities and schools, medical centres, recreation facilities, shopping malls, expansive parklands, hotels and marinas. Diyar Al Muharraq is to be a first of its kind development, one that aims to offers its occupants a safe haven for the ideal life. Media Enquiries for Diyar Al Muharraq: Lulwa Al Abdulla Diyar Al Muharraq Tel: +973 77556669 Fax: +973 77055555 Email: CorpComm@diyar.bh Shaikha Seyadi TRACCS Bahrain Tel: +973 17 592008 Fax: +973 17 911404 Email: Shaikha.seyadi@traccs.net About Al Salam Bank-Bahrain Headquartered in the Kingdom of Bahrain, Al Salam Bank-Bahrain (B.S.C.) is a dynamic, diversified and differentiated Islamic bank. Incorporated on 19 January 2006 in the Kingdom of Bahrain and commenced commercial operations on 17 April 2006, the Bank operates under Shari’a principles in accordance with regulatory requirements for Islamic banks set by the Central Bank of Bahrain.
3. Al Salam Bank-Bahrain was listed on the Bahrain Bourse on 27 April 2006 , and subsequently on the Dubai Financial Market on 26 March 2008. The Bank’s high caliber management team comprises highly qualified and internationally-experienced professionals with proven investment expertise in key areas of banking, finance and related fields; all supported by a world-class Information Technology (IT) infrastructure and the latest ‘smart’ working environment. Al Salam Bank-Bahrain adopts internationally recognized standards and best practices in Corporate Governance and operates with highest levels of integrity, transparency and trust. The Bank is committed to its role as a concerned corporate citizen, actively seeking ways to contribute and add value to the social and economic well-being of the local communities in which it invests and operates. For further information, please contact: Ahmed Bin Jamal Manager, Corporate Communications Tel: +973 39957140 Email: a.binjamal@alsalambahrain.com