Ayla, Safwa Islamic Bank ink agreement to finance residential units

Ayla Oasis Development Company has recently signed an agreement with Safwa Islamic Bank to provide competitive financing options to those looking to purchase golf residential or island apartment units at Ayla Oasis Development.

The agreement is the first with an Islamic bank, and provides an Islamic financing option for those wishing to purchase real estate at Ayla, according to a statement .

The agreement was signed by Ayla Oasis Development Company Managing Director Engineer Sahl Dudin and Safwa Islamic Bank Managing Director Samer Tamimi, and aims to provide appropriate financing options to all Ayla’s potential residents as part of the development company’s efforts diversify facilities and financing options, the statement read.

“Safwa Islamic Bank consistently works to provide its clients with modern and cutting-edge offerings, a vision that is in line with that of Ayla,” Tamimi said at the signing ceremony.

“Through this partnership, we will work to facilitate the ownership of apartments in the development, providing prospective owners with residential and entertainment experiences within the provisions and controls of Islamic Sharia.” Ayla, one of the largest multiuse urban development projects in the Kingdom, provides waterfront residential units, in addition to a series of entertainment locations, restaurants, retail outlets and an 18-hole championship golf course, the statement said.