Amlak Finance launches another innovative product, 'Amlak Plus'

Amlak Plus is designed to tap into a new segment of customers in the UAE market by offering new and improved benefits than the normal home finance products and enhances customers' eligibility for higher financing.

Amlak Plus is designed for young professionals, expatriates and new families with a reasonable level of disposable income to own a larger home. It offers a unique opportunity for Amlak customers to pay lower monthly rental (Ijarah) in the initial years of their home financing, with the principal repayment starting at the very beginning of the finance tenor, hence reducing the overall profit outflow.

Commenting on the launch of the new product, Mr. Arif Alharmi, Chief Executive Officer, Amlak Finance PJSC, said:

'We have always spearheaded the market with innovative financing solutions such as Bonus, Bayti, Easy Start and the 1-Hour approval service, and today we are pleased to launch yet another pioneering product that addresses a new segment in the market.'

He added, 'We are on the right track with our product development plans, as we have already launched since the beginning of this year Easy Start and the 1-Hour approval service, and aim to add more before the end of the year. We bring to our customers today an opportunity to own their dream homes with Amlak Plus, where the finance tenor is divided into three phases - first five years, next five years and the remaining tenor, with a financing period of up to 25 years.'

Amlak Plus will allow customers to pay during the first five years a 10% lower monthly instalment and as much as one percentage point lower profit rate than normal Ijarah. Following the first five years, the new profit rate applied would be the rate prevailing at that point and normal Ijarah monthly payment will apply throughout the duration of the financing.

According to Alharmi, Amlak constantly invests a lot of time and effort in market research and hence all its products are based on its customer' needs and requirements.

'Amlak Plus has numerous benefits such as allowing the customers to track their monthly instalments in line with their rising salary, as well as enabling them to purchase a larger property for a similar instalment amount,' Alharmi added.

With the launch of this new product, Amlak proves once again that it remains the pioneer in the home finance sector through offering innovative solutions that reaches out to the previously untapped demographic segment of the society.