Capinnova to finance Mecca project
Capinnova Investment Bank, the Shari'a compliant investment banking arm of BBK offered a $16.5m bridge financing facility to support the financing of a religious hospitality project in Mecca. The project consists of a hotel located 1.3 km away from the Haram.
The development is in the final stages of completion and will be the first of its kind providing Muslims worldwide an opportunity to have an interest in Mecca project. The creative structure enables foreign investors return from a hotel asset in the holy city of Mecca through investing in a Cayman Island.