The United Arab Bank (UAB) has signed an agreement with the Mohammed Bin Rashid Housing Establishment (MBRHE), under which it would offer housing finance solutions to Emirati nationals who are under the purview of the Al Yusr programme.
The Al Yusr programme is one of the MBRHE’s initiatives aimed at providing financial options to Emirati beneficiaries to obtain the MBRHE-owned ready properties via partner banks.
Under this partnership, the UAB will offer Emiratis financing up to 100 per cent of the property’s value, with a tenure of up to 25 years, and attractive profit rates.
Additionally, the UAB will provide beneficiaries with two Shariah-compliant segments of facilities, including finance up to Dh750,000 ($204,152) with no interest rates, and a second financing option according to the UAB's policy for financing and interest rates.
This partnership with the MBRHE affirms the bank's strong commitment to providing innovative solutions to finance the houses of UAE nationals, in line with the vision and aspirations of the UAE leadership who spared no effort to provide UAE nationals with happiness, prosperity and good living, remarked Sheikh Mohamed Al Nuaimi, Deputy CEO of the UAB, after signing the deal with Sami Abdullah Gargash, CEO of the MBRHE.
Gargash said: "Through this partnership, we will provide UAE citizens with several practical solutions to help ease housing finance. This comes as part of our endeavours to realise housing stability, in accordance with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, in terms of developing the housing system and keeping up with the demands of the contemporary world."
CEO Ahmad Abu Eideh said: "At the UAB, we look forward to building further partnerships with public sector corporations and launching joint community initiatives to offer a package of facilities and banking options for UAE citizens and residents alike."
"For that reason, we have inked this agreement, through which we will offer various opportunities and solutions to those who are willing to obtain housing finance, along with flexible repayment schemes," he noted.
Also present at the event were Mohammad Ahmad Borahima, Assistant CEO of Engineering Sector; Mohammad Humaid Al Merri, Assistant CEO of Financial & Support Sector; and Ahmed Issa Al Helw, Head of Marketing and Partnerships.-TradeArabia News Service
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