Alef Group Signs Agreement With Dubai Islamic Bank To Provide Murabaha Financing For Al Mamsha Project
Aimed at providing privileged financing
Alef Group, a pioneering Sharjah-based real estate developer striving to provide premier lifestyle experiences, has signed an agreement with the Dubai Islamic Bank to provide Sharia-compliant finance for the Group's customers seeking to own residential units within Al Mamsha, the company's flagship mixed-use development in Sharjah.
The agreement was signed by Mr. Issa Ataya, Alef Group, Managing Director, and Mr. Varun Sood, Chief of Home Finance - Dubai Islamic Bank, at the Sales Centre of Al Mamsha at Zero 6 Mall in Al Juraina area, Sharjah, in the presence of top officials from both sides.
The agreement stipulates that the Dubai Islamic Bank will provide highly privileged real estate finance to Emiratis and other nationalities wishing to own homes in Al Mamsha project, with a competitive interest rates, based on the Murabaha principles.
Commenting on the milestone, Ataya said, "We are delighted to announce this partnership and signing of this agreement with one of the most prestigious Islamic banks in the UAE and the region, Dubai Islamic Bank, in order to provide premium financing facilities to our customers wishing to own residential units in Sharjah's pioneering project, Al Mamsha."
He added, "This agreement comes at a time the construction work at Al Mamsha is progressing as per the plan and time frame set for the final delivery stage. We commit to fulfilling the promises we've made to our valued customers. And through this agreement we provide significant financing support to make their dreams of owning a home at our distinguished project come true.”
Commenting on the partnership, Mr. Sood said: “We are excited to sign this agreement with Alef Group for Al Mamsha Project. Knowing our customers’ needs has been a key factor that helped us work successfully with our developers around tailoring and customizing attractive offerings to facilitate home finance ownership for the populous across the nation. With DIB being the largest home finance provider in the UAE, we continue to shape the dynamic skyline of the country, and provide our customers with exclusive home finance and a seamless experience while we maintain our top priorities of convenience, flexibility and value in demand.”
The construction work is going at full tilt as per plan at the project’s Phase I. The first seven buildings of the development will be completed by December 2020, with eight buildings to be handed over to their owners by June 2021.
Al Mamsha is a landmark mixed-use development in Sharjah that brings together a modern living, retail and leisure in an upscale environment completely accessible on foot.
The development is Sharjah’s first fully-walkable community, and features ample sidewalks and walkways complemented by plenty of green and open spaces. It’s spread over a total land area of approximately 3 million square feet and will have a built-up area of 9.3 million square feet and a retail floor area of 500,000 square feet.
Blending a strikingly minimalist design with an extensive range of residential properties and active retail and leisure districts, Al Mamsha is located just off Sheikh Mohammed Bin Zayed Road and is just two minutes away from Sharjah International Airport and University City and five minutes from the Sharjah-Dubai border.
Al Mamsha offers a wide variety of home options, including studio, one-, two- and three- bedroom apartments. Offering spacious and affordable living spaces, the residential buildings at Al Mamsha stand out for their low-density design and state-of-the-art safety and security features
Al Mamsha offers extensive underground and podium parking facilities, providing its residents with on-site underground parking with elevator access to the residential floors.
Residents at Al Mamsha will enjoy free access to a wide range of amenities and community facilities, including dedicated cluster swimming pools, health club and gym, walkways, nursery, family entertainment centre, a dedicated kids’ zone, retail spine and more.
The project provides an entertainment zone, which includes a live events platform that will host musical concerts, art galleries, Friday market, and food tasting and outdoor fitness events as well as a community square ideal for hosting special events. The entertainment zone will host activities to suit the needs of adults and children alike, with a constantly evolving lineup of live events and programmes.
