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Real Estate and Al-Rafidain banks will establish residential complexes
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Translated by IRAQdirectory.com - [3/19/2009]
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The Director of Real Estate Bank has revealed on new loans include life insurance for the borrower and for his house, promising of its launch soon after the completion of due process
He announced on obtaining the approval from the Minister to construct three residential complexes in Rusafa for the staff, and the intention to set up plants for the construction materials belonging to the bank.
The Director Mohammad Rauf Al-Otbi, said that the new loans will be launched soon by the Bank include life insurance, and the insurance company will pay the full loan in the event of the borrower's death and compensation in the event of setting fire in his home.
"The company is committed to pay the remaining amount of the loan in the event of death of natural causes or in accidents, except in cases of suicide or death by the terrorist operations, while in case of murder, the subject may be discussed, noting that the insurance also includes compensating the borrower in the event of setting fire in his house, adding that loans will be lunched as soon as the completion of due process after approving the general budget for 2009 by the Parliament.
Al-Otbi said that a tentative approval was obtained from the Minister of Finance Bayan Jabr on the exploitation of certain lands in al-Rusafa to establish housing complexes according to the latest universally standards, indicating that the project involving two banks the real estate and al-Rafidain, and it will be implemented by international companies specialized in this sector, and two sites were selected in Sabi'e Abkar and the third in al-Sha'ab with a total area of 43 dunums for implementing this project, which will be allocated to the staff of the Ministry and banks.
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