Dubai Islamic Bank launches 'Sakan' financing to help UAE nationals build dream homes

This major new initiative by DIB aims to develop the support and services it offers to UAE nationals.

The bank's directors and chief executives met representatives of the government's housing grants and loans program at the Dusit Dubai hotel today to announce the breakthrough. Butti Khalifa bin Darwish, Chief Executive Officer of DIB, said: "The Sakan programme was designed for UAE nationals and its aim is to satisfy the needs of a specific segment of our national clients who desire Islamic Financing services. The programme also seeks to deliver the message that DIB is continually developing its products and services to suit the needs of its clients."

Saad Abd Al Razak, DIB's Vice Chief Executive Officer, added: "The bank has conducted a study of the needs of UAE nationals and its conclusions gave us a sound basis for initiating the programme. The aim is to facilitate the dream of nationals to own their own house - a basic step towards achieving family stability."

Abdul Razak said: "The Sakan programme finances the extra costs of building where the housing grant and loan program from the government does not cover the full cost, leading nationals to use their savings or take out commercial bank loans. The new programme is a sign of the bank's commitment to supporting the local community and contributing to relieving the financial burden of UAE nationals."

The conditions applying to Sakan financing makes qualifying relatively simple. Those who apply should have approval from one of the housing grant and loan programmes in the UAE. They should also have worked for a government or semi-government organisation for at least a year and a private company entity for a minimum of two years.