Building deal

Bahrain Islamic Bank (BIsB), the first Islamic bank in the kingdom, has signed a Reducing Musharaka agreement with the Ministry of Finance for financing the construction of an 11-storey office building for the Ministry of Works and Housing for a total sum of BD5.3 million.

The agreement was signed by Nader Mohamed Ebrahim, Executive Director and Head of Corporate and Institutional Banking representing BIsB, and by Aref Saleh Khamis, Assistant Undersecretary for Financial Affairs at the Ministry of Finance on behalf of the Ministry.  
Mr Ebrahim said: “The signing of this Agreement represents the culmination of major effort made by the bank’s officials who are seeking to seize a historic opportunity enabling BIsB to act as financier of government projects.”