DIB, Eighteen sign first Shariah compliant off-plan financing deal

KARACHI: Dubai Islamic Bank (DIB) & Eighteen join hands to support Government of Pakistan’s vision in providing innovative Mortgage Financing solutions and promoting world class housing units in the country, with key focus on Non-Resident Pakistanis (NRPs). As per this arrangement, Dubai Islamic Bank will provide Off-Plan Mortgage financing (under construction projects) to resident and non-resident Pakistanis for purchasing villas and apartments in Eighteen housing project near New Islamabad International Airport.

To commemorate this auspicious event, signing ceremony was held at Dubai Islamic Bank’s Head Office in Karachi in which senior management from the State Bank of Pakistan, Dubai Islamic Bank & Elite Estate Pvt Limited were present.

Speaking on the occasion Junaid Ahmed, President & CEO of Dubai Islamic Bank Pakistan said: “Dubai Islamic Bank takes yet another lead in offering Pakistan’s first Shariah compliant off-plan financing. The Bank is aggressively working towards supporting the housing and construction industry which in turn will provide affordable housing finance to Pakistanis particularly, the overseas Pakistanis. Dubai Islamic Bank is the market leader in providing home finance through Roshan Apna Ghar (RAPG), a product providing subsidized financing to overseas Pakistanis, with ease of reparability of funds. The bank also holds a significant share in mortgage finance market and this collaboration will further strengthen our role in this sector.”

Tarek Hamdy, CEO of Eighteen, expressed his views, saying “it is indeed a historic moment for both the institutions, as we recognize the importance of mutual co-operation for the growth and support of housing sector in the country. Such collaborations will play a key role in the promotion of off plan and on plan housing finance and realizing the government’s vision of attracting investment of overseas Pakistanis in the real estate sector of Pakistan”.

Dubai Islamic Bank is currently operating with 235 branches in 67 cities nationwide. It is a wholly-owned subsidiary of Dubai Islamic Bank UAE (DIB). The parent company DIB is a listed company in Dubai.

The Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices. The DIB is the largest Islamic bank in the UAE and 2nd largest in the world.

Eighteen is Pakistan’s first lifestyle destination developed by Egypt’s Ora Developers in partnership with Saif Group and Kohistan Builders. These groups have come together to set a new standard for destination living in Pakistan with an upscale commercial and residential land development scheme near Islamabad Motorway (M-2) Toll Plaza, involving sale of completely built villas /apartment and commercial units. It is luxury residential compound (fenced) with 18 hole Golf Course, commercial areas having big shopping mall, state of the art hospital, five-star hotels, and other common facilities.

Copyright Business Recorder, 2022