News: DAMAC launches shari’a-compliant luxury hotel apartments

DAMAC Properties has launched Constella, a fully serviced shari’a-compliant hotel apartment block in Jumeirah Village, Dubai. A selected number of apartments were released for sale at an event at the DAMAC Maison today (Tuesday, May 6).
The luxury tower is now under construction and is set for completion by 2017. Prices start at AED702,000/$193,000.
While Dubai already has a number of hotels and other building projects that are alcohol free and claim to be shari’a compliant, the company has asserted that Constella is the first in Dubai to receive official shari’a certification from Dar Al Sharia Legal and Financial Consultancy.
According to DAMAC, the project is being fully managed under shari’a principles. Constella will have separate swimming pools for men and women, as well as separate gymnasiums and saunas. Its restaurant will also have separate sections for single men and families.
Certain floors will be dedicated to ladies and will have female-only staff. According to a statement by DAMAC, Constella will be operated based on Islamic financing principles and an Islamic bank will manage all funds for the project.
Ziaad El Chaar, managing director at DAMAC Properties, says Dar Al Sharia and Real Estate Regulatory Authority (RERA) have offered their full support to the project. He also adds that the aim of the project is to cater to the principles and beliefs of its customers, especially those from Saudi Arabia and the UAE.