Dubai Islamic Bank (DIB) announced its participation with banks from UAE, Saudi Arabia and Egypt in the finance of a landmark expansion project of the Prophet Mohammed (peace be upon him) Mosque in Madinah City, Saudi Arabia. The project will include the development of the Prophet’s Mosque eastern piazza and the construction of a parking area and terminal. In the same area, a transport station and underground parking area will also be developed.

Dubai Islamic Bank has signed an agreement with the Saudi Bin Laden Group to take part in a SAR2.975 billion syndicated Islamic multiple financing facility agreement that has been signed between the Saudi Bin Laden Group and a range of leading banks in both Saudi Arabia and the UAE.

According to the agreement, DIB will provide a SAR400 million financing facility for this project. The list of the participating Banks include: Samba Financial Group, Mashreqbank, Union National Bank, Abu Dhabi Commercial Bank and Commercial Bank International.

Ayman Adel, Vice President – Head of Real Estate Finance Department, Dubai Islamic Bank, said: “We are extremely delighted to be part of this significant development project in Madinah City, which will lead to the expansion and restoration of this site.”

“This project is of great moral value to DIB, which continues to consolidate its leadership in managing the world’s largest Sharia’a-compliant financing transactions in different sectors. The bank has provided financing facilities totaling AED 50 billion to the contracting sector during the past three years,” he concluded.