Ajman Bank unveils home finance facility for Manazel properties

Press release

Published February 16th, 2011 - 01:25 GMT

Al Bawaba

Ajman Bank, an award-winning financial services institution committed to transforming the experience of Islamic banking, announced today that has entered into a strategic partnership with Manazel Real Estate PJSC, one of the UAE’s leading real estate developers.

The agreement, which will see Ajman Bank provide Islamic home finance to customers, was signed in a ceremony by Mr. Ali Al Nuaimi, Deputy CEO of Ajman Bank, and on behalf of Eng. Mohamed M. Al Mazrouei, CEO of Manazel, Mr. Saeed Al Khazaraji, Head of Support Services.

Under the agreement, Ajman Bank customers can avail home finance on properties in Manazel developments.

“Ajman Bank continues to deliver products and services that cater to the financial services needs of customers. This partnership meets the strong demand for Islamic home finance from customers in Abu Dhabi and Dubai,” said Ali Al Nuaimi, Deputy Chief Executive Officer, Ajman Bank. “As a company we are fully committed to supporting the economic development of the UAE, and this agreement will help to further stimulate the country’s real estate market.”

Ajman Bank will offer up to 80 per cent finance-to-value ratios for Manazel properties, along with tenures of up to 20 years. The maximum finance amount will be AED 5 million. Home finance will be available to UAE nationals and expatriate residents with a minimum monthly income of AED 10K and 20K, respectively.

Eng. Mohamed M. Al Mazrouei, CEO of Manazel Real Estate, said: “We are delighted to partner with Ajman Bank to provide Islamic home financing to our customers. Today’s announcement is another important step in the continuing revitalisation of the UAE real estate market. The bank is rapidly establishing itself as a key player in the UAE home finance sector, and we are confident that the products announced today will be of great interest to people looking to buy high quality real estate in Abu Dhabi and Dubai.”

Ranked third in customer service among all Islamic banks in the country by Ethos Consultancy, Ajman Bank was recently named the UAE’s “Best Domestic Bank” at the 2010 Islamic Business & Finance Awards. The bank currently operates eight full-service branches in the UAE.

Further details can be found at www.ajmanbank.ae and www.manazel-re.com.

Background Information

Ajman Bank

Ajman Bank is a young, agile Islamic commercial bank that provides a wide range of value-driven banking services in the UAE for individual, business and government clients, all in compliance with Shariah principles. Ajman Bank seeks out the market’s best products, people and technology in order to deliver what customers want, how they want it, delivering real value and recreating that human touch lost in modern banking.

Headquartered in Ajman and strongly supported by its government, Ajman Bank is the keystone of the emirate’s economic development strategy and is in a position to benefit from its growth and potential like no other. Ajman Bank is committed to becoming a sustainable organisation in its truest sense, balancing care for the community and employees with the business of delivering value to its shareholders and customers.

Company Profile

Manazel Real Estate

“Manazel”, one of the leading Real Estate companies in the United Arab Emirates, was established in May 2006, and is headquartered in Abu Dhabi. Manazel has a unique strategy and vision that lives up to the Nation’s development future. The Company has chosen to concentrate its work on developing lively residential compounds and multi-purpose real estate aimed at the middle income segment. This strategy has allowed it to overcome most of the difficulties that faced the real estate sector in the past years, resulting in the delivery of thriving communities rich with amenities and services in carefully planned surroundings.