Sharia-compliant financial solutions introduced for TRI-ZEN customers
John Keells Properties (JKP) has partnered with HNB Islamic Banking to offer a Sharia-compliant financial solution for customers looking to invest in their upcoming TRI-ZEN residential development in Colombo.
The collaboration will offer attractive rates which are competitive in the current mortgage market through the Islamic Banking Finance system, which utilizes an assetbacked equity-based alternate financing method.
The principle used is “Diminishing Musharakah”, a rental based investment where the customer and bank jointly invest in a tangible asset. A key feature is that it does not involve ‘interest’ and is, therefore, an attractive option for people from faiths that prohibit interest or for those seeking alternate financing options.
“As the country’s leading property developer, John Keells Properties has always been at the forefront of innovation and introduced attractive financial solutions for our customers. This is our first collaboration to offer Sharia-compliant financial solutions and we are excited to have a leading institution such as HNB Islamic Banking on board,” said Nadeem Shums, JKP Head of Sales & Marketing and John Keells Holdings Vice President.