Emirates Islamic Bank has recently launched Manzili Home Finance, a complete and comprehensive package that caters to customers’ needs in property ownership or finance.
Manzili Home Finance offers three unique solutions: Manzili SmartHome, Manzili HomeLease and Manzili HomeInvest, each one designed to suit a specific home finance requirement.
Based on the Islamic financing concept of Murabaha, Manzili SmartHome is ideal for those who prefer to have fixed rate financing, where installments can be made on monthly basis. With Smart Home customers' cash flow remains fixed throughout the installment period that can be up to 15 years.
Manzili HomeLease is perfect for customers who prefer floating rate finance.
Formulated under the Islamic concept of Ijara, Manzili HomeLease enables customers to rent their dream home after the bank purchases it and lease it to them at a mutually agreed rental rate for a specific period. At the end of the lease tenure, which might be up to 20 years, the property will be presented as a gift provided customers fulfill their lease terms and conditions.
Manzili HomeInvest caters to those who wish to unlock the value of their property through refinancing. Based on the Islamic concept of Musharakah-Ijara, Manzili HomeInvest enables the clients to sell a share of their property to the bank, who in turn will lease it back. The lease period may extend to 20 years, allowing the lessee to maintain a healthy cash flow. HomeInvest also gives customers the option to pay their rent at either FIXED or VARIABLE rates.
Manzili Home Finance is available through all Emirates Islamic Bank branches and is actively marketed by the bank’s Home Finance executives based at its offices in Garhoud.
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