Posts Tagged ‘Burj Khalifa Tower’

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Sharia mortgages boost Burj ownership

January 8, 2010

Burj Khalifa (read: Burj Caliph) Tower in Dubai

With fireworks and fanfare, the United Arab Emirates recently opened the tallest building on Earth.  The skyscraper was financed by Emaar Properties, a publicly-traded company, and most of the building space is residential.

The majority of the Burj’s residential units have already been sold.  I was curious, what with Islamic prohibitions on riba and therefore prohibitions on traditional home loans, just how the buyers were financing entry into such an expensive and luxurious development.

Well, in addition to a host of real estate projects throughout the Middle East, Emaar Properties is also the majority shareholder of Amlak Finance, the UAE’s biggest Islamic home finance company.  This excerpt comes from Amlak’s website:

Amlak Finance is the first specialised home finance provider in the UAE and continues to be a leader in the industry by retaining the biggest market share Read the rest of this entry ?

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