Kuwait Finance House (KFH), and Kuwait Projects Company Holding (KIPCO), signed a Memorandum of Cooperation ‘MOC’ stating that KFH offers Sharia-compliant financing solutions for individual purchasers of residential or commercial property in Hessah AlMubarak District real estate development project. This project is considered as a masterpiece of urban development projects of the company and the most prominent real estate project in the Capital.

KFH-Group CEO, Mazin Saad Al-Nahedh affirmed KFH support to the Kuwaiti companies and to the mega development projects, while developing its individual finance services, indicating the bank will offer financing solutions to the individuals purchasers to buy units in the project as per the MOC. KFH puts its capabilities and expertise to make this project a success. KFH provides advantages to KFH customers within a range of facilities that encourage all those wishing to purchase from the project.

He added, in press release on the sidelines of signing the MOC with KIPCO, that KFH offers a wide range of sharia-complaint financial services to meet customers’ financing needs. The bank offers products of Ijara, Murabaha, and financing against collateral. Also, KFH provides customers with financing services for purchasing, finishing and even furnishing not to mention consulting services by a distinguished group of experienced staff in the construction and finishing stages.

He continued “KFH views Hessah AlMubarak District project as a unique investment in real estate. It carries an idea and a call for citizens to live in the capital and adopts the approach of vertical housing, which makes it a model that we hope will succeed. This encourages the adoption of sophisticated ideas to contribute to solving the housing problem in Kuwait.”

Al-Nahedh indicated the scope of KFH’s business extends from the local market to the global and regional markets. This confirms the diversity and suitability of KFH’s financing solutions. KFH participated in financing terminal II building for Kuwait International Airport, and has signed an MOC to finance the customers of the Hessah AlMubarak District project. It also continues to finance the SMEs. He pointed out that KFH operations in the market aims at strengthening partnership and cooperation to serve the national economy.

Meanwhile, KIPCO Group Chief Operating Officer, Samer Khanachet, said: “As the master planner of Hessah Al Mubarak District, KIPCO is delighted to be working with leading financial institutions to provide financing options for future residents. With this memorandum of cooperation, we are looking forward to working with KFH to offer Sharia compliant financing solutions for individual purchasers of residential or commercial property in the district.”

He added: “At the end of 2017, we completed the infrastructure work for Hessah Al Mubarak District. As the district’s master planner, KIPCO has been keen to ensure that future residents and visitors of our district enjoy an unprecedented experience. Construction work and the development of land plots will begin once all necessary handovers of public facilities has been made to government entities. This will include our real estate arm, United Real Estate.” Hessah Al Mubarak District is the first-ever comprehensive, mixed-use district in Kuwait. With its unique location overlooking the sea, and its close proximity to the downtown business hub, the district promises its future residents, visitors and those who work there an unprecedented experience. The urban cluster will combine leisure, shopping, offices and living areas with the assurance of delivering quality lifestyle.