Porta Reef and Bahrain Islamic Bank (BisB) have formed a new partnership to provide competitive financing options to investors.

The exclusive Porta Reef, a $90-million project being undertaken by Abu Dhabi Investment House (ADIH), has partnered with BisB, the flagship of the Islamic Banking in Bahrain.

Under the agreement, BisB will offer attractive financing packages to buyers who wish to purchase one of the 150 residential units on sale at the Porta Reef development.

The financing terms on offer start with an affordable level of down-payment, providing flexible Sharia'a-compliant arrangements for clients.

The partnership is the first such agreement between Porta Reef and a financial provider, and is intended to increase accessibility for Porta Reef’s niche target market.

At a signing ceremony held at BisB HQ premises last week, Porta Reef chairman Fawaz Ali Al Jowder said: “Our partnership with BisB stems from our strategy to provide a holistic one-stop solution to clients who prefer to adopt Islamic financing methods. With Porta Reef witnessing the level of success that it has, we strive to provide our clients with the tools they need to ensure a hassle-free purchasing experience.”

“BisB has developed a long-standing tradition in the Kingdom of crafting innovative solutions for a variety of products. We are highly selective in our partnering strategies, and the quality offering that Porta Reef represents makes the project a compelling partner for us,” said BisB General Manager Retails A Rahman Turki.

Porta Reef, the first freehold property to be available to buyers on Bahrain’s new Reef Island, includes a trio of luxurious residential towers with 2 and 3 bedroom apartments, as well as six premium penthouse units.

Reef Island is a strategic joint venture between the government of Bahrain and the Mouawad Group for Real Estate Development Company. It aims to attract high-net worth property investors from Bahrain as well as GCC residents who are looking for a distinctive second home. The $1.25-billion freehold development project covers an area of just under 600,000 square meters, of which Porta Reef occupies just over 16,000 square metres.

Strategically positioned between the capital’s new business and commercial district and Bahrain’s International Airport, but with the exclusive privacy of its Reef Island enclave, Porta Reef offers the best of contemporary living with a timeless style.

Meeting the highest international architectural specifications, each of the 150 units is fitted with the most modern high-end kitchen appliances, lighting and other fit-outs, and comes with a choice of marble or parquet floorings. Dedicated parking space is provided with shade for residents and visitors, accommodating up to 330 vehicles.

The towers comprise 51 two bedroom, 93 three bedroom deluxe apartments, and six premium penthouse apartments that truly represent the definition of luxury. Each unit also has a balcony, and residents will have access to a sea-view swimming pool and Jacuzzi, as well as separate gym facilities for men and women equipped with the most innovative exercise equipment.

Porta Reef also has a sea-front boardwalk as an upscale alternative to the traditional Corniche, and its courtyard gardens and children’s playground situated between the three towers provide clean, open space for family living.

With a unique product offering and as the first-to-market freehold property at Reef Island, advance sales of the residential units have encountered high interest. Half of the available units, including a whole tower and 40 per cent of the residential units in the other two towers, have already been sold as part of phase one of the development. The second phase of sales will commence within the coming few months, comprising the rest of the residential units.

BisB was established in 1979 as the first Islamic<