Trowers & Hamlins advises on million-dollar Shari’ah compliant financing facility

Trowers & Hamlins has acted as international legal counsel for Diyar Muharraq Housing Development Co. SPC (Project Company) and Diyar Al Muharraq W.L.L., (Diyar), one of the leading urban developers in the Kingdom of Bahrain in connection with all aspects of a secured BHD138 million (USD365 million) Shari’ah compliant financing facility to be provided by a domestic syndicate of financial institutions including Al Salam Bank-Bahrain B.S.C., Al Baraka Islamic Bank B.S.C., Bank of Bahrain and Kuwait B.S.C. and Kuwait Finance House (Bahrain) B.S.C. (c).

The financing shall be used by the Project Company to finance the cost of construction of 1,905 social housing units and 135 affordable housing units including infrastructure costs of the development, known as “Project Habitat”. This forms part of Diyar’s ‘Master Plan’ which aims to re-imagine land development in Bahrain.

The Trowers & Hamlins multidisciplinary team of lawyers was led by partner Salman Ahmed (head of Islamic Finance (MENA)) and lead senior associate Niall McMorrow (finance), with support from partners Elias Moubarak (Islamic finance) and Peter Greatrex (Real Estate) and associates Esther Low (finance), Brian Kelleher (corporate) and William Barrie (finance) and trainee Sameer Johar (Islamic finance).