Janayen raises Ijara to build worker housing

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.

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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