Amana Bank is a licensed commercial bank in Sri Lanka practising Islamic finance

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Amãna Bank partners with RainTree Residencies to offer an affordable and innovative instalment scheme

Amãna Bank has partnered with RainTree Residencies, Sri Lanka’s latest affordable luxury project being developed in the heart of Colombo 3, to offer customers an apartment financing solution with an innovative repayment plan.

Through this partnership, customers are facilitated with a repayment plan which matches their cash flow, where customers will benefit from a grace period to pay only a minimal instalment during the construction period, constituting only the rental portion of the facility. For example, if a customer opts for a Rs 20 million valued apartment with a financing value of Rs 14 million for a 20 year repayment period, the customer will only pay a monthly instalment as low as Rs 49,166 during the construction period compared to paying a high instalment of Rs 181,770 on the full financing value. Only upon completion and handing over of the apartment, will the capital portion be added to the instalment.

Commenting on the partnerships, Amãna Bank’s Vice President – Retail Banking & Marketing Siddeeque Akbar said “We are happy to tie up with RainTree Residencies. With this partnership we have facilitated customers an affordable and innovative instalment scheme, so that they can easily pursue their dream of purchasing a home of their own at the heart of Colombo”

Adding further, RainTree Residencies’ Head of Sales and Marketing Imzaan Haqque said “We are excited to announce our partnership with Amana Bank to introduce this innovative instalment scheme that is tailor-made for investors seeking an alternative to traditional investments.”

Located at the heart of Duplication Road, RainTree Residencies has been conceptualised with a focus on creating green living spaces without compromising affordability and quality. It consists of 87 residential units and premium facilities such as a rooftop infinity pool, an atrium deck, a zen-inspired rooftop garden, a fully-equipped gym, smart key card access systems and state of- the-art automated parking. RainTree Residencies is catered to investors and individuals seeking an alternative home in the heart of the city that is walking distance to Durdans Hospital and Royal College. HNJ Towers offers convenience to investors via its unique sale and leaseback model, whereby management of the units for short-term rentals will be undertaken by a subsidiary of the company. Value-additions to investors include services such as cleaning, front desk operations, a café, mini market and a food court. RainTree Residencies is the flagship project by HNJ Towers and is designed by Sri Lanka’s foremost architect of luxury high rises Milroy Perera Associates and will be constructed by N&A Engineering, a leading C-1 contractor specializing in high rise residential developments.

Amãna Bank’s Apartment Financing which provides financing up to 20 years, also facilitates customers to settle the facility at any given time without incurring any penalties or early settlement fees. Interested customers can either Call Amãna Bank on 011 7 756756 or RainTree Residencies on 0774758877 to avail more details on obtaining this special facility.

Amãna Bank’s Vice President – Retail Banking & Marketing Siddeeque Akbar and RainTree Residencies’ Head of Sales and Marketing Imzaan Haqque exchanging the agreement while the Banks Head of Retail Advances Ramakrishnan Kirubakaran and Manager Housing & Personal Financing Riyaz Noor look on.

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