A Memorandum of Understanding (MoU) was recently signed between Al Manal Development and Emirates Islamic Bank (EIB) to provide mortgage finance to customers wishing to purchase property at Al Manal's Lakeside Residence'.
Financing will reportedly be available through the bank's Manzili home finance services, according to Khaleej Times.
"Our MoU with Emirates Islamic Bank stems from our belief in this banking institution along with our strong faith in its reputation as a prominent, well reputed and customer-oriented establishment," said Juma Al Ghurair, chairman of Al Manal Development who signed the important agreement along with Faisal Aqil, General Manager of retail banking at Emirates Islamic Bank.
"We foresee a fruitful relationship with EIB going forward and perceive our agreement as a long term one. We plan to launch a number of ambitious projects in the near future," said Al Ghurair.
Emirates Islamic Bank will extend home finance to 85 per cent of the total value of the property to UAE nationals and expatriates with a repayment period of up to 20 years under the agreement. Customers earning salaries equivalent to AED 8,000 per month or more will be eligible for finance depending on eligibility criteria.
