Emirates Islamic Bank, one of the leading financial institutions in the region, recently signed a memorandum of understanding (MOU) with Nakheel, one of the local most high profile property development companies. The new MOU will enable the bank to finance properties developed by Nakheel and will further boost Emirates Islamic Bank’s renewed efforts to make a significant difference in the retail banking and home finance market.
The Bank has three unique offerings for home finance, each one designed to suit a specific home finance requirement. The SmartHome Home Finance scheme is ideal for those who prefer to have fixed rate financing. HomeLease, on the other hand, is perfect for customers opting for floating rate finance. Last but not least, HomeInvest caters to those who wish to unlock the value of their property through refinancing.
Upon signing the agreement, Mr. Faisal Aqil, General Manager Retail Banking of EIB said: “Our MOU with Nakheel is another initiative undertaken by the bank to give our customers the widest possible choice when it comes to home finance. It adds to our portfolio of agreements with major property developers in the region like Emaar and Tameer.” Referring to their new working partners, Mr. Aqil said “Nakheel are known for their high standards of quality and innovation. We are happy to be able to provide affordable home financing scheme to our customers who will benefit from their superior standards”.
Manal Shaheen, GM VIP Sales at Nakheel said: “We are proud to be associated with Emirates Islamic Bank as they are one of the most prominent Islamic banks in UAE. We support the promotion of Islamic banking products and this is a great step forward in that regard. We are very optimistic that the relationship would be of great benefit to us, the bank and all our stakeholders.”
The Home Finance will be available at all Emirates Islamic Bank branches and will be actively marketed by the bank’s Home Finance Executives based at its consumer finance offices.