Binghatti, ADIB bring sharia-compliant home finance solutions to UAE
Dubai's leading developer Binghatti Holding has signed an agreement with Abu Dhabi Islamic Bank (ADIB), a leading financial institution in the UAE, to broaden and deepen its customer base by offering customers sharia-compliant home-financing solutions including off-plan property purchases.
The MoU allows the two parties to detail an agreement that will make it easier for homeowners to secure home financing solutions once construction of a project reaches 35% completion.
Binghatti currently has 18,600 units under development across 23 projects in prime residential areas across the city, including Downtown, Business Bay, Jumeirah Village Circle, Al Jaddaf, Dubai Science Park, Dubai Production City and Sports City.
Binghatti had launched its latest 1,600-unit project, Binghatti Aquarise, in early May at a star-studded event at the Coca-Cola Arena with nearly 12,000 people in attendance.
Commenting on the deal, CEO Eng. Katranalda BinGhatti said: "This innovative Islamic financing solution is a game changer for our industry and will continue to support the growth of off-plan sales and the sustainability of the real estate market."
"We expect to be able to offer our growing customer base a lower threshold to access financing across our projects under development in Dubai and a way to benefit from market appreciation. We have a strong relationship with ADIB over many years and are delighted to be working together to support the evolution of home financing," he stated.
ADIB Group CEO Mohamed Abdelbary said: "We continue to play a pivotal role in expanding access to home financing in the UAE, empowering more individuals and families to take their first step into being property owners."
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