Reef Venture Holding & BISB Signs Co-operation Agreement to provide finance facilities to purchasers in “Difaaf”

10th May 2009

Reef Venture Holding and Bahrain Islamic Bank (BISB) have signed a co-operation agreement through which BISB will offer an investment or housing real estate financing in the purchase of units in Difaaf project in Reef Island. The co-operate agreement was signed by Reef Venture Holding Board Member, Mr. Saleh Bagaeen, and BISB Retail Banking Services General Manager, Mr. Abdulrahman Mohamed Turki, at Venture Capital Bank premises in the Diplomatic Area - Manama, in presence of several managers of both sides.

The agreement aims at providing real estate financing services for purchase of units in Difaaf project for clients whether citizens, residents or foreigners wishing to purchase apartments by installments up to 25 years with profit rate up to 8.5%.

Difaaf is a luxury residential project composed of 2 sea-front towers worth US$200 million. The project is built on a plot measuring 16,000 square meters with a strategic location within Reef Island in heart of the Capital, Manama.

"We are delighted with the signing of this agreement which will offer unique facilities to our valued clients who wish to benefit from BISB services in the purchase of apartments in the Difaaf project", said Reef Venture Holding Board Member, Mr. Saleh Bagaeen. "Difaaf project will provide its residents with charming sea views, in addition to panoramic sights of Manama. The project will re-introduce the concept of luxury housing in contemporary times and in best shapes ever", Mr. Bagaeen said. "Work has commenced on the land of the project and progress achieved with the completion of the piling works. There is undergoing negotiation with one of the leading construction company in the real estate area.

BISB Retail Banking Services General Manager, Mr. Abdulrahman Mohamed Turki expressed delight with the agreement. "We, in the Bahrain Islamic Bank, are happy with being a strategic partner through this agreement which will bring good benefits to our valued clients in the first place, and then to both sides", Mr. Turki said. "With God's Help, BISB has managed to win the trust of many leading institutions, whether private or public, due to our unique banking services & products which cater to the needs of our valued clients", he added.

"We are proud with our partners of this strategic agreement, Venture Capital, which is a leading organization in real estate & housing investments, in addition to its unique services for its distinguished clients. We wish this agreement every success in serving the interests of both parties", Mr. Turki concluded.