AIB, Kadi Group sign financing deal

Al Baraka Islamic Bank (AIB – Bahrain) yesterday announced the signing of a financing agreement with the Kadi Group, a real estate development and services company based in Bahrain, for providing Property Finance Solutions in its residential project, the Burj Kadi. The signing ceremony was held at the Al Baraka Islamic Bank headquarters in Bahrain Bay in the presence of Tariq Kazim, the General Manager – Business Group of AIB-Bahrain, and Saleh AlFadhala, the Chairman of Kadi Group, along with other officials from both sides.

Burj Kadi is a luxury highrise, freehold development project worth BHD22 million being constructed in Juffair on the Shaikh Khalifa Highway. Upon completion, the building will be 40 storeys tall, with 6 floors dedicated to a parking lot, and will comprise of a total of 359 residential apartments ranging from studio apartments to one, two and three-bedroom apartments, with 4 Sky Villas at the top. As per the agreement, Al Baraka Islamic Bank will provide financing facilities to both Bahraini and expatriates.

Speaking on the occasion, Tariq Kazim, the General Manager – Business Group of Al Baraka Islamic Bank-Bahrain, said: “Interested investors can apply for property finance at any AIB-Bahrain branch in the Kingdom.” From his side, Saleh AlFadhala, the Chairman of Kadi Group, said: “We are highly delighted and proud to start a new Venture with Al Baraka Islamic Bank and we appreciate the Bank for approving the property financing for Burj Kadi to its Prospective and Existing Buyers.”