Abu Dhabi: Abu Dhabi Islamic Bank (ADIB) has arranged a £20 million (Dh118.02 million) structured Islamic financing transaction to fund the development of Westbourne House, a prime 1980s commercial property in central London, combining office and retail space.
The deal marks ADIB’s debut
in London’s real estate market at a time when the British government is
promoting the city as a centre for Islamic finance. British Prime
Minister David Cameron told a gathering of political and business
leaders on Tuesday that he wanted London to “stand alongside Dubai and
Kuala Lumpur as one of the great capitals of Islamic finance anywhere in
the world.”
ADIB’s financing package for
Westbourne House was specifically tailored to meet the investors’ aims
of acquiring, refurbishing and reselling high-value luxury properties to
overseas buyers.
Arif Usmani, global head of
wholesale banking at ADIB, said: “ADIB welcomes the increasingly high
profile role being played by the UK’s financial services sector to
encourage the global acceptance and growth of Islamic finance products
and services. Resilient demand from international buyers for prime
residential real estate has underpinned the performance of London’s
property market which has outpaced most other markets in recent years.
ADIB appreciates the value of building strategic partnerships with
investors in international markets, which enable us to extend our global
reach and to identify similar opportunities in London and other key
international locations for our clients.”
Article Source: http://gulfnews.com/business/general/abu-dhabi-islamic-bank-arranges-islamic-financing-deal-for-london-property-1.1249375
FREE WEBINAR: Market Yourself to The Right Client and Earn Yourself £3000+ a Month Sourcing Property" Wed, 06th Nov, 8 PM, register here http://tiny.cc/B-VickiWusche
Article Source: http://gulfnews.com/business/general/abu-dhabi-islamic-bank-arranges-islamic-financing-deal-for-london-property-1.1249375
FREE WEBINAR: Market Yourself to The Right Client and Earn Yourself £3000+ a Month Sourcing Property" Wed, 06th Nov, 8 PM, register here http://tiny.cc/B-VickiWusche
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