Tamweel launches 'Irad' buy-to-let programme for residential and commercial properties

This new Sharia-complaint product enables homeowners and investors to benefit from current and future rental income.

"Irad," which is Arabic for "income," represents a unique real estate investment opportunity in this high-growth market.

With Tamweel's new buy-to-let programme, property buyers and owners can avail of finance at preferential profit rates of up to 75% of the property value.

The repayment tenure for these freehold and non-freehold properties is 25 years for residential and 10 years for commercial properties.

Finance is for ready properties to UAE residents only.

"In line with its vision of becoming the region's most admired financial services firm, Tamweel focuses on product innovation, service excellence and financial performance," said Wasim Saifi, Chief Executive Officer, Tamweel.

"The launch of 'Irad' confirms our commitment to product diversity and flexibility. We are confident that 'Irad' will enhance the UAE's real estate sector, granting individuals the opportunity to better manage their assets and generate enhanced returns on their long-term investments."

"In the UAE's rapidly growing real estate sector, it is critical for companies to understand the evolving needs of homeowners and investors here - and to introduce products that are tailored to those specific needs. We strongly believe that 'Irad' is just such a solution, and we anticipate an extremely enthusiastic response to this innovative buy-to-let programme."

"The property market in the UAE is one of the most attractive markets in terms of rental yields. This new product from Tamweel allows property buyers to take advantage of their rental returns," said Nabil Abou Alwan, Head of Marketing and Product Development, Tamweel. "For property investors, self-employed professionals and others participating in this high-growth market, 'Irad' allows the opportunity to utilise rental returns to cover the cost of finance. In other words, the finance will pay for itself. This unique value proposition, with its Sharia-compliant structure and flexible profit rates, therefore offers signal opportunities for new and current investors to participate in the country's real estate success story."