Mortgage financing: Dubai Islamic Bank, EMAAR sign agreement

KARACHI: Dubai Islamic Bank & EMAAR Karachi Ltd signed an agreement to promote home financing for their current and upcoming projects.

With this agreement, Dubai Islamic Bank will offer financing facility to individual clients for fully built & ready to move apartments of Coral, Pearl & Reef Towers in EMAAR’s Crescent Bay, Karachi.

Moreover, off-plan financing will also be offered on upcoming projects and provision of corporate banking solutions to EMAAR and its contractors. The Bank is also aggressively working with all stakeholders of the Real Estate industry to actively promote the Government’s vision of promoting Home Finance in the country.

The agreement was signed between Junaid Ahmed, CEO Dubai Islamic Bank and Sohail Baig CEO, EMAAR Pakistan. Speaking on the occasion, Junaid Ahmed CEO, Dubai Islamic Bank said “We are excited to partner with EMAAR Pakistan for our Home Finance products. The Bank is working aggressively on Government’s and State Bank of Pakistan’s vision to promote home financing in the country. We are working on different fronts of Real Estate delivery chain in developing a robust and seamless partnership for quick disbursement to the end customer”. Sohail Baig CEO, EMAAR Pakistan added “We are pleased to partner with Dubai Islamic bank to provide Shariah based home financing product exclusively designed for Emaar Karachi sea front residences.

It will unlock financing options for our esteemed customers in current and future projects. We look forward to mutually explore opportunities to provide value added services to our customers.”—PR

Copyright Business Recorder, 2021