KHCB signs ESCROW Agency Agreement
(Manama) – Khaleeji Commercial Bank (KHCB), one of Bahrain’s leading Islamic banks, announced the signing of an ESCROW Agency Agreement for the Fontana Infinity Towers project, a major project for the Fontana Infinity Real Estate Company located in the Juffair area.
Under the agreement, Khaleeji Commercial Bank will create an ESCROW account in accordance with the Decree Law No. 28 of the year 2014 and the Decision of the Central Bank of Bahrain No. 20 of the year 2016, a law which provides protection for buyers and all involved parties, ensuring the employment of the raised money solely for the development of the investment project.
On this occasion, Mr. Khalil Ismail Al-Meer, Chief Executive Officer of Khaleeji Commercial Bank stated “It is our pleasure to sign this agreement with Fontana Infinity Real Estate Company, one of the major real estate companies, whom which the bank continues to build strategic relations with in the real estate development sectorof the Kingdom of Bahrain. This affirms our keenness to play a principal role in the development of economic sectors in the Kingdom.”
Al-Meer added “This agreement coincides with our efforts to maintain the best local and international practices in the field of real estate development and sales in addition to the preservation of the rights of all parties. This step contributes greatly to strengthening the confidence of those wishing to buy housing units in Fontana Infinity Towers and the bank has expertise in this area, since we manage a number of escrow accounts for major real estate projects which witness a notable attention by investors.”
Mr. Abdulghaffar Al-Kooheji, Chairmanof the Fontana Infinity Real Estate Company said”We are confident that this agreement will reassure our clients and will place our company among those that provide initiatives and facilitations to those wishing to own housing units with modern sophisticated designs. Fontana Infinity Tower is one of many huge towers owned by Fontana Infinity Real Estate Company which provide modern sea view apartments in addition to exceptional facilities and attention to detail in the designs.”