Attijari Al Islami introduces improved Islamic mortgage products
- United Arab Emirates: Wednesday, November 21 - 2012 at 12:39
- PRESS RELEASE
Attijari Al Islami, Commercial Bank of Dubai Islamic Banking Department, has introduced an improved version of its Ijarah Home products, making it possible for UAE nationals and residents to own their dream home in accordance with Shariah guidelines and principles.
CBD's Ijarah Home products offer transparent and competitive rates that guarantee great value to our clients. The products are meant for UAE nationals and salaried expats between the age of 21 to 65 (or retirement age); a minimum monthly income of Dhs20,000; and a minimum employment of two years.
Customers can choose from the following Attijari Al Islami Ijarah Home products: Attijari Al Islami - Ijarah Muntahia Bittamleek (ready property); and Attijari Al Islami - Ijarah Sale & Lease Back (ready and owned properties).
Nabil Tayeb Khoory, Head of Attijari Al Islami, CBD, said: "We are constantly monitoring the changing needs of the market to introduce new and innovative products. The re-launch of this innovative product is driven by the increasing interest in real estate investment combined with the country's growing appetite for Islamic financial products. Indicators show that the growth trend will continue, and we are fully confident that our Home Lease solution will see a high demand from those willing to invest in property."
CBD Ijarah Home products feature highly flexible lease tenure of up to 25 years; minimum leasing amount of Dhs500,000 and maximum leasing amount of up to Dhs15m. Lease locations are in Abu Dhabi & Dubai, with approved, listed developers; and with a leasing value of up to 85 per cent of the property value.
Studies show that Islamic mortgage market is set to surge worldwide. The GCC, in particular, has an estimated 65% of the population under 30 years of age that wants to own property, creating the need for Sharia-compliant mortgage instruments.
At the end of 2011, the global market for Islamic finance was worth around $1.3 trillion, with the total value of sharia-compliant assets growing by 150% since 2006.
The international ratings agency Standard & Poor's expects the $1 trillion global Islamic finance industry to grow 20 per cent over 2011-15, doubling in size over the period. S&P said that one of the factors driving this growth were "young, fast-growing Muslim populations".
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