Al Manal Development and Emirates Islamic Bank (EIB) have signed a landmark Memorandum of Understanding (MoU) to provide mortgage finance to customers wishing to purchase property in the exquisite ‘Lakeside Residence’,
Al Manal Development’s AED 300 million flagship venture located at the Jumeirah Lake Towers project.
This will be available through the bank’s “MANZILI” home finance services.
The MoU was signed by Mr. Juma Al Ghurair, Chairman of Al Manal Development and Mr. Faisal Aqil, General Manager Retail Banking at Emirates Islamic Bank.
“Our MoU with Emirates Islamic Bank stems from our belief in this substantially solid banking institution along with our strong faith in its reputation as a prominent, well reputed and customer oriented establishment”
said Mr. Juma Al Ghurair.
“We foresee a fruitful relationship with EIB going forward and perceive our agreement as a long term one. We plan to launch a number of ambitious projects in the near future” said Al Ghurair.
Emirates Islamic Bank will extend home finance to 85% of the total value of the property to UAE nationals and expatriates with a repayment period of up to 20 years. Customers earning salaries equivalent to AED 8,000 per month or more are eligible for finance depending on the Bank’s eligibility criteria.
“The Bank is keen to develop strong relationships with pioneering companies which support the nation’s economic growth plans. Al Manal Development is among such companies and we have faith in their commitment to continue with their significant achievements. There is no doubt that this relationship will enable further development of real estate finance operations and positively support community growth as well as the needs of customers,” said Mr. Faisal Aqil.
With MANZILI, customers can choose finance schemes that best suit their needs based on the Islamic finance concepts of Murabaha, Ijara and Musharakah-Ijarah, and are available to the cross section of society. There is minimal documentation required, with the products being highly competitive compared to both Islamic and conventional bank offerings.
The Lakeside Residence is a 35 storey residential tower boasting 358 elegantly designed freehold apartments incorporating advanced intelligent and modern lifestyle features. Construction of these one and two-bedroom units began in August this year, as per schedule and will be completed in 2008.