UAB to offer housing finance solutions to UAE nationals

UAB to offer housing finance solutions to UAE nationals

By Staff Report

Published: Thu 29 Aug 2019, 6:32 PM

Last updated: Thu 29 Aug 2019, 8:34 PM

United Arab Bank (UAB) recently signed a memorandum of understanding (MoU) with the Mohammed Bin Rashid Housing Establishment (MBRHE), under which UAB would offer housing finance solutions to UAE nationals who are under the umbrella of Al Yusr program.
Al Yusr program is one of MBRHE's initiatives aiming to provide financial options for UAE national beneficiaries to obtain MBRHE-owned ready properties via partner banks. The MoU was signed at the MBRHE headquarters by Sheikh Mohamed Al Nuaimi, deputy chief executive officer of UAB and Sami Abdullah Gargash, CEO of the MBRHE. Under this partnership, UAB will offer UAE nationals financing up to 100 per cent of the property's value, with a tenure of up to 25 years, and attractive profit rates. Additionally, UAB will provide beneficiaries with two Shariah-compliant segments of facilities including, the finance up to Dh750,000 with no interest rates, and a second financing option according to the UAB's policy for financing and interest rates. The initiative stems from UAB's keenness on building strategic partnerships with the government sector and enhancing means of mutual cooperation, thus driving the UAE's sustainable development.
Sheikh Mohamed Al Nuaimi said: "We, at UAB, believe that serving our nation is a joint responsibility between both government and private sectors. This motivates us to work together towards enhancing community responsibility values to promote the quality of life of the UAE nationals. Our partnership with MBRHE is affirming our strong commitment to providing innovative solutions to finance the UAE national houses, in line with the vision and aspirations of our wise leadership that spared no effort to provide UAE nationals with all means of happiness, prosperity and good living."
Sami Abdullah Gargash added: "We are delighted to welcome United Arab Bank as a home finance partner as we prepare to unveil housing alternatives under the MBRHE program. These initiatives are part of the long-term commitment of delivering quality homes to UAE nationals. We, at MBRHE, are keen on fostering partnerships between government and private entities and uniting efforts to serve the UAE national beneficiaries of MBRHE services, through the provision of housing finance solutions via a single-window to save time and effort. Through this partnership, we will provide UAE citizens with a number of practical solutions that would help ease housing finance. This comes as part of our endeavors to realize housing stability, in accordance with the wise vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, in terms of developing the housing system and providing the demands of the contemporary world."

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