Tamweel launches new home refinancing product

Soyoula, which is Arabic for "liquidity," is a Sharia-compliant product that provides financing to both resident and national property owners in the UAE.

Following the successful introduction of Yusr, the world's first Sharia-compliant Adjustable Repayment Mortgage, Tamweel has demonstrated with Soyoula that it will continue to provide innovative home finance solutions. Under the Sharia-compliant terms of this offering, individuals who own freehold or private property that is free of lien or mortgage may seek refinancing against the value of their home.

Adel Al Shirawi, Chief Executive Officer, Tamweel, said: "The introduction of Soyoula comes at a time of increasing maturity in the UAE property market, and is designed to meet the long-term investment needs of a stable class of homeowners. We are confident, then, that this is the appropriate moment for Tamweel to introduce Sharia-compliant home refinancing, which will provide a range of benefits for individuals, including the opportunity to diversify their investments."

Nabil Abou Alwan, Head of Marketing and Product Development, Tamweel, said: "We are extremely pleased to introduce this unique home refinancing product to the UAE. The essence of Soyoula is freedom: rather than leaving the value of their home locked up in a fully-owned property, Soyoula provides the opportunity for homeowners to invest in what they want, when they want. Whether that means providing for their children's education, starting their own company or investing in a second home, Soyoula grants individuals the freedom to make the choices that are right for them."