One of the pioneering Shari’a-compliant banks in the Kingdom of Bahrain, Al Salam Bank-Bahrain, and leading Bahraini construction materials and development company, Al-Ma’awdah Group, signed an agreement to create a real estate development escrow account, marking the official sales launch for Residence Sharq, a multimillion dollar seafront project located within the $1.6 billion ‘health island’ masterplan, Dilmunia. The project, being built by Al-Ma’awdah Group subsidiary, Al Talae Real Estate Development, is a freehold development, offering 282 spacious, ergonomically designed homes in a low-rise multi-level complex. The one, two, three, and four-bedroom apartments, townhouses, and ‘sky villas’ (standalone homes perched on the roofs of the townhouse blocks) offer panoramic views and natural lighting, with European style designs by French firm, Unanime Architects. Facilities, including common and women only gyms, a landscaped garden, a private cinema, a running track, a children’s playground, water playground and pool, and two infinity pools, create a comfortable community lifestyle for residents.
The escrow account model agreement is in accordance with Law No. 28 of 2014 and the Central Bank of Bahrain’s Resolution No. 20 of 2016, which protects buyers and all stakeholders in development projects by ensuring that the utilization of funds raised be solely for the developments in which they have invested.
Al Salam Bank-Bahrain Deputy Group CEO – Banking, Anwar Murad said: “We are proud to be working with Al-Ma’awdah Group on one of the Kingdom’s most exciting lifestyle projects. Both Residence Sharq and Dilmunia are major additions to Bahrain’s seafront property market, and for Al Salam Bank to be chosen as a trusted partner adds further depth to our experience in managing real estate escrow accounts, while creating more confidence for investors looking for properties to buy.”
Al-Ma’awdah Group Executive Director, Jassim Al-Ma’awdah added: “As one of the most trusted Sharia-compliant banks in Bahrain, we have confidence that Al Salam-Bank Bahrain is the right partner for Residence Sharq. We keep the interests of our projects’ stakeholders in mind at all stages of progress, and adherence to legislation and buyer-protection is a top priority for us in delivering maximum value to home buyers.”
Residence Sharq boasts a prime location on the seafront of the 125-hectare Dilmunia island, one of the Gulf region’s most unique master planned concepts. Emphasizing greenery, open spaces and healthy living, Dilmunia was conceived as a modern take on the mythical Garden of Eden, which was said to be located in ancient Bahrain. The island is a project of Ithmaar Development Company (IDC), a developer and manager of major real estate projects spanning the residential, commercial, hospitality, wellbeing & healthcare, and infrastructure sub-sectors. IDC has put in place stringent developer requirements to ensure that only the highest quality projects are approved for inclusion in Dilmunia. Among these are an adherence to the healthy living theme, high construction standards, strict building height limits, and a commitment to preserving the overall coherence of the gated island community.