Ajman Bank unveils home finance facility for Manazel properties

The agreement, which will see Ajman Bank provide Islamic home finance to customers, was signed in a ceremony by Mr. Ali Al Nuaimi, Deputy CEO of Ajman Bank, and on behalf of Eng. Mohamed M. Al Mazrouei, CEO of Manazel, Mr. Saeed Al Khazaraji, Head of Support Services.

Under the agreement, Ajman Bank customers can avail home finance on properties in Manazel developments.

"Ajman Bank continues to deliver products and services that cater to the financial services needs of customers. This partnership meets the strong demand for Islamic home finance from customers in Abu Dhabi and Dubai," said Ali Al Nuaimi, Deputy Chief Executive Officer, Ajman Bank. "As a company we are fully committed to supporting the economic development of the UAE, and this agreement will help to further stimulate the country's real estate market."

Ajman Bank will offer up to 80% finance-to-value ratios for Manazel properties, along with tenures of up to 20 years. The maximum finance amount will be Dhs5m. Home finance will be available to UAE nationals and expatriate residents with a minimum monthly income of Dhs10K and Dhs20K, respectively.

Eng. Mohamed M. Al Mazrouei, CEO of Manazel Real Estate, said: "We are delighted to partner with Ajman Bank to provide Islamic home financing to our customers. Today's announcement is another important step in the continuing revitalisation of the UAE real estate market. The bank is rapidly establishing itself as a key player in the UAE home finance sector, and we are confident that the products announced today will be of great interest to people looking to buy high quality real estate in Abu Dhabi and Dubai."

Ranked third in customer service among all Islamic banks in the country by Ethos Consultancy, Ajman Bank was recently named the UAE's "Best Domestic Bank" at the 2010 Islamic Business & Finance Awards. The bank currently operates eight full-service branches in the UAE.