Aseel Islamic Finance signs strategic agreement with Saadiyat Development and Investment Company

Aseel Islamic Finance signs strategic agreement with Saadiyat Development and Investment Company

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UAE: Aseel Islamic Finance (Aseel), an Abu Dhabi-based Shariah compliant financing company, has signed a strategic agreement with Saadiyat Development and Investment Company (SDIC). By virtue of the covenant, Aseel will provide Islamic financing to SDIC’s customers for the purchase of villas located in Hidd Al Saadiyat, a luxurious residential development project on Saadiyat Island in Abu Dhabi. The financing agreement is reportedly a strategic move to ensure that attractive financing facilities are offered to SDIC’s patrons. The joint venture assists in providing buyers with convenient options of obtaining finance solutions which can be tailor-made to suit the buyer's requirements. According to Javed Afzal, CEO of Aseel: “Buyers will benefit from world-class, Shariah compliant home finance solutions which offer competitive profit rates, finance amounts permissible by the central bank and flexible payment structures to suit their individual requirements.” Expected to complete in 2016, Hidd Al Saadiyat is a residential development project located on a land area covering approximately 1.5 million square meters of natural waterfront land within Saadiyat Island. The project includes the construction of 488 exclusive villas, commercial centers, hotels, apartments, mosques, beach clubs and amenities. Commenting on the agreement, Mounir Haidar, the managing director of SDIC, developer of the project, stated: “As a leader in the UAE's Islamic real-estate financing sector, Aseel Islamic Finance is the ideal partner for this project and we are very excited to be working with them. The partnership will allow us to extend our offering to many more discerning customers who desire to be part of this distinguished beachfront community.” Aseel is wholly-owned by First Gulf Bank (FGB), which acquired full ownership in October 2013. In a bid to expand its Islamic operations, FGB increased its shareholding from 40% to 100%, buying over stakes held by Aldar Properties, Sorouh Real Estate and Reem Investments. With a paid-up capital of AED800 million (US$217.78 million), Aseel is currently FGB's Islamic banking and finance arm, offering innovative Shariah compliant solutions for customers and businesses.