Affin Islamic Bank & Mutiara Goodyear To Develop Residential Properties In Penang

KUALA LUMPUR, April 1 (Bernama) -- Affin Islamic Bank and Mutiara Goodyear Development Bhd will join hands to develop a high-end residential project in Penang through a Musharakah or joint venture financing arrangement, the bank's chief executive officer Kamarul Ariffin Mohd Jamil, said.

The musharakah is established via a special purpose vehicle called Affin-i Goodyear Sdn Bhd, in which Affin Islamic and Jurus Positif Sdn Bhd, a unit of Mutiara Goodyear, are joint partners.

For the first project, Affin-i Goodyear will undertake the development of high end residential properties on an 8.8 acre land in Bukit Gambir, Penang.



Mutiara Goodyear is a property developer. -- BERNAMA