Emirates Islamic Bank to finance Union Properties' homes

The new agreement entitles the bank to provide home finance offering for customers of Union Properties. It will also reinforce Emirates Islamic Bank's presence in the home finance market as well as ease the financing process for Union Properties customers by giving them a wider range of friendly home finance products.

The signing ceremony was held at the bank's headquarters and was attended by Mr. Ebrahim Fayez Al Shamsi, CEO of EIB, and Mr. Simon E. Azzam, CEO of Union Properties.

On signing the agreement, Mr Ebrahim Fayez Al Shamsi said: "This new agreement with Union Properties adds to our prestigious portfolio of agreements with major property developers in the region. The two main objectives behind this agreement are, firstly to continue to connect with leading and respected property developers that share our values and, secondly, that we give our customers the widest possible and most convenient options in home financing."

Commenting on the agreement, Mr Simon E Azzam, CEO of Union Properties stated: "Our potential property buyers and investors come from different cultures and have different financial needs. Many would like to finance their future home with a bank like EIB which is known for its financial strength, its knowledge of local market and its range of customer friendly products."

Based on the revered principles of Shari'ah, Manzili Home Finance offers three options tailored to suit the financial capabilities and personal requirements of a wide cross-section of society.

Manzili SmartHome, Manzili HomeLease and Manzili HomeInvest are distinctly different, but all offer the benefits of competitive and attractive profit rates, financing tenure up to 25 years, high financing amounts, minimal documentation, speedy approvals, low processing fees, mortgage assurance, 24-hour pre-approval facilities for salaried and 72-hour pre-approval facilities for self-employed applicants, finance provided for insurance, in addition to numerous other benefits.