Dubai Islamic Bank to extend home finance packages

The company, which already provides a range of home finance packages to UAE & GCC national investors, said that the move would further boost the real-estate market in Dubai and enhance its reputation as a thriving centre for economic growth.

His Excellency Butti Khalifa bin Darwish, General Manager, Dubai Islamic Bank said: "One of the indicators of a vibrant and strong economy is an increased uptake of home ownership within the country. The real-estate market in the UAE is growing at a exceptional rate, especially after the announcement of freehold ownership on premium real-estate projects."

DIB has signed agreements with leading real estate development companies in the UAE to offer home finance options to their customers. The bank is also planning to have similar agreements with other leading real estate development companies in UAE.

"Home financing comprises a substantial part of our operations and we have signed agreements with leading real-estate development companies in the country. This will enable us to offer DIB customers and investors attractive home finance options in some of the finest master-planned communities in the region."

The home finance options that DIB will offer will be open to investors earning a monthly income of AED 8,000 and will entail providing finance of up to 80 per cent of the property value, for a period of up to 12 years.

Mr. Butti further said that the home finance packages will be offered through the bank's strong branch network in the UAE. "Our call centre has received hundreds of enquiries from potential property investors and we will commence processing their applications."

Stressing the need for banks to constantly offer customers new and innovative banking services, he further said: "Our decision to extend home finance options to UAE, GCC national and expatriate investors is an indication of our resolve to be constantly responsive to the needs of our customers. There is a tangible market need for viable and attractive Islamic home finance options and we are sure that our innovative and attractive packages will prove to be highly popular."

DIB has been at the forefront of launching several new initiatives and services in the field of corporate and retail banking that are in accordance with the Islamic Shariah and compliant with Islamic financial schemes.

The bank has also been a joint signatory in several agreements for Mourabaha, Estinaa and other transactions with corporate houses, government institutions and free zone authorities in the UAE and GCC countries.

The banking and financial products and services that DIB offers include specialised consultation and advise on financial planning, a choice of banking accounts - term deposit accounts, savings accounts and current accounts - a range of finance and foreign exchange services and the 24 hours call centre. In addition, customers are also able to avail of the bank's recently launched Internet banking services.