Janayen raises Ijara to build worker housing

by This email address is being protected from spam bots, you need Javascript enabled to view it on Monday, 06 October 2008

WORKERS' HOMES: Janayen Capital Group plans to build accommodation for workers across the Gulf region. (Getty Images)

Janayen Capital Group has raised $41.7 million from Noor Islamic Bank to help fund the construction of worker accommodation in the UAE.

The company, established by Siraj Capital and Al-Aoun Capital Group, plans to expand by adding more worker accommodation projects throughout the region and is already targeting a project in Saudi Arabia.

“Our to close this financing during this turbulent credit period is a testament to NIB’s market leadership and to the growing importance of this new asset class,” said Janayen chairman Ibrahim Mardam-Bey.

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Sharia law forbids the payment of interest and Ijarah loans are based on a leasing contract and pay a profit distribution to investors instead of interest.

A regional construction boom has driven demand for worker accommodation in building spots including Dubai, Abu Dhabi and Doha.

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