Dubai Islamic Bank signs agreement with Dubai Sports City

Dubai Islamic Bank (DIB) announced today that it has signed a Memorandum of Understanding (MoU) with Dubai Sports City, the world’s first integrated city dedicated to sport.

According to the MoU, DIB will provide Islamic financing facilities to meet the needs of prospective owners of villas and apartments at Dubai Sports City. DIB will offer Sharia-compliant financing towards the purchase of apartments at Canal Residence West, a signature Riviera-style waterfront development and villas at Dubai Sports City.

Mohammad Ameery, Senior Vice President, Retail and Business Banking Services, DIB, said: “We are delighted to sign this MoU with Dubai Sports City. The initiative comes in line with DIB’s vision to meet the requirements of customers who are seeking to acquire properties in Dubai Sports City, one of the region’s most significant real estate developments.”

“DIB positions this latest development as part of its mission to develop innovative products and services at the core of our customer offerings. Real estate financing is a highly promising market segment, hence we have successfully developed and structured innovative financing deals to meet the requirements of major corporations and government bodies in the UAE and worldwide,” he added.

“The MoU with DIB allows for a greater number of people to be part of our unique development,” said Khalid Al Zarooni, President of Dubai Sports City. “Dubai Sports City is a thoughtfully master planned community, and we’re investing a great deal in ensuring that every possible modern element will appeal to all of its residents”. Throughout the construction process, Dubai Sports City is working closely with Bureau Veritas, a globally-recognized consultant, to provide a guarantee of quality and safety of the highest possible standards.

“We wish to guarantee homeowner satisfaction, reinforced by a high quality of life and by the quality of the residential developments themselves. In line with the MoU, DIB and Dubai Sports City will also be exchanging information in relation to the property market and other relevant information that will contribute to developing the local real estate sector,” added Al Zarooni.