Sharia-compliant financial solutions introduced for TRI-ZEN customers

JKP Head of Sales & Marketing &JKH VP Nadeem Shums and JKP Sector Head Nayana Mawilmada with HNB DGM Retail Banking Sanjay Wijemanne, HNB AGM Islamic Banking Hisham Ally, and HNB Chief Manager PFS Kanchana Karunagama

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 asset-backed 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.

“HNB Islamic Banking is equipped with years of experience in Sharia-compliant financial solutions. Customers will be able to avail of the full suite of HNB Finance’s financial facilities and services in order to purchase a TRI-ZEN apartment in the heart of Colombo on affordable terms,” explained Hisham Ally, AGM Islamic Banking at HNB.

Hatton National Bank Plc is the first top tier bank to enter into Islamic banking in the country. HNB Islamic Banking commenced operations in 2012, began winning multiple awards in many local and international forums from its second year of operation, and now stands as the most sought-after Islamic banking service provider currently in the market.

HNB Islamic Banking has a highly experienced staff with a dedicated office located at Marine Drive, Colombo 03. Customers can simply walk into the Islamic Banking office at Colombo 03 or any other HNB Branch to experience its supreme service and offerings. 

TRI-ZEN is a highly anticipated joint venture between Indra Traders (Pvt) Ltd. and John Keells Holdings PLC. It is expected to reach completion in 2023. Located in Union Place, Colombo 02, the 53-storey residential development will house 891 one, two, and three-bedroomed apartments and will be equipped with smart-living features and state-of-the-art facilities. A key feature of TRI-ZEN is its competitive pricing – with two-bedroomed apartments starting at Rs. 35 million.