Reef - Real Estate Finance Company
Kingdom of Bahrain

The first Sharia-compliant real estate financing company in Bahrain, Reef was established by Tameer in September 2005 with a paid-up capital of BD 20million (US$ 53 million), and commenced operations in May 2006. Co-founding shareholders include Global Investment House and Ossis Property Developers. Reef provides Sharia-compliant mortgage funding for retail, commercial and investment purposes, with particular focus on enabling Bahraini and GCC citizens to purchase properties at competitive rates. To date, Reef has been appointed as the preferred mortgage supplier for a number of landmark residential and commercial projects in the Kingdom of Bahrain. These include Arwa Residences – the first completed, ready-to-own and occupy freehold apartments; Tala Island and Amwaj Gateway – the first self-contained gated family communities; Riffa Views – the Kingdom’s first golfing residential development; and Orchid Business Centre – the ‘first-of-its-kind’ commercial and lifestyle facilities complex. Reef has also established a commitment towards easing the housing shortage for middle income families in Bahrain, and has accordingly partnered with established promoters and developers on a number of projects that aim to provide affordable housing for this segment of the community.

At the end of its first year of operations, Reef announced a net income of BD1.5 million (US$ 4 million).

In 2007, Reef was named 'Best Finance House in Bahrain 2006'at the Islamic Real Estate awards ceremony held in Dubai.