Emirates Islamic Bank extends home finance to property owners in Manazil Towers in Sharjah
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UAE and GCC nationals to benefit from MoU signed with Manazil Real Estate
Package features 85% finance with 24-hour approval offer
Variable rate options start from 4.99%, five-year fixed rates start from 5.99%
Dubai, June 27, 2012: Emirates Islamic Bank ( EIB ), one of the leading Islamic financial institutions in the region, announced today that it will provide housing finance to UAE and GCC nationals buying property in Manazil Towers in Sharjah.
The announcement follows a MoU signed with the developer, Manazil Real Estate , to finance end users for its five completed towers (Manazil Tower 1, 2, 3, 4 and 5) in Sharjah.
"The MoU with Manazil Real Estate is a win-win deal and reiterates EIB 's focus on providing suitable finance for UAE and GCC nationals looking for affordable housing options. The home finance package is highly competitive and includes the most viable product features and benefits available in the market," said Faisal Aqil, Deputy CEO, Consumer Wealth Management, Emirates Islamic Bank and Dubai Bank.
Emirates Islamic Bank 's package for Manazil Towers features up to 85% finance in variable rate options starting from 4.99% and five-year fixed rate starting from 5.99%, with a 24-hour pre-approval offer.
"At Emirates Islamic Bank we customise our home financing packages to suit the customers' needs, and this financing offer is an extension of that approach. We are committed to reaching out to and facilitating more customers who are interested in owning a home, and believe that our practical offering will support the growing interest in the UAE's real estate sector," added Aqil.
Commenting on the MoU Eng. Abdul Mohsen Al- Hamadi, Chairman and CEO, Manazil Real Estate said, "The MoU is an extension of our aim to provide quality product and service and show our commitment to their real estate needs. Our customers will benefit from this partnership, which will give them the flexibility to get up to 85 per cent financing."
Manazil Real Estate has been active in the real estate market in Sharjah, Dubai, Ajman and Ras Al Khaimah since the last seven years.