Emirates Islamic Bank enters into a strategic agreement with Ajmal Real Estate

Emirates Islamic Bank (EIB), one of the leading Islamic financial institutions in the UAE, has added another feather to its cap by entering into a new agreement with Ajmal Real Estate, the renowned property development group. The new MOU between the two prominent regional institutions was signed on the 26th of February 2008.

According to the new agreement, EIB will offer its extensive portfolio of customers a special scheme for obtaining up to 90% financing for purchasing their dream home in Ajmal Sarah, the prestigious new Ajmal Real Estate development due to come up in Dubailand Residences.

This is the latest in a long line of real estate developments that EIB has promoted in the UAE, thereby magnifying its role as a key player in the growth and prosperity of the region. Speaking about the development, Mr. Faisal Aqil, General Manager for Retail Banking at EIB said "owning a home is a dream-come-true for many people in the region. We wanted to make this as easy as possible for our customers, and giving them an opportunity to own a home built by a prestigious developer like Ajmal Real Estate adds a special touch to the offering.

Ajmal Sarah is a freehold project, worth AED 300 millions, built to the highest quality standards in a prime location in Dubailand Residences opposite Academic city. Besides 274 world-class Studio, 1, 2 and 3 bedroom apartments and garden apartments, Ajmal Sarah will feature Retail outlets, Commercial offices and a host of lifestyle facilities, making it the perfect place to buy your dream home.

Construction of this mega-project is already underway, and owners can move into their dream homes by early 2010. Commenting on the agreement, Mr. Mohammed Fakhruddin Ajmal of Ajmal Real Estate said"Our agreement with a leading financial institution like Emirates Islamic Bank adds a new dimension to the many benefits of owning a home developed by Ajmal Real Estate" on which Mr. Obaid F. Ajmal, Deputy Manager and Mr. Manish Madhukar, Project advisor of Ajmal Real Estate agreed.

Manzili, the comprehensive home finance offering from Emirates Islamic Bank, offers competitive features such as low down payment and repayment tenures as long as 25 years. Customers can look forward to more and more innovative products from Emirates Islamic Bank.

About Emirates Islamic Bank

Emirates Islamic Bank opened its doors in October 2004 with a mission to provide consumers in the UAE with effective and innovative Shari'a-compliant financial solutions. The Bank offers a range of Shari'a compliant products and services conforming to the highest standards of Islamic finance and all its activities are overseen by a Shari'a board comprising several prestigious scholars of Islamic law.

On the retail side, the bank has an array of products, such as a full range of credit cards including Visa Infinite Card; Manzili Home Finance, Intaleq Car Finance, and many other products. The bank has also launched Al Reem Ladies Banking, a specialized banking service designed to cater to the banking and financial needs of women in the region.

The bank also offers Ethmar Priority banking to suit the demands of the high-net-worth clients. Emirates Islamic Bank is very active on the Corporate Banking level, seeking exceptional investment opportunities in the local as well as the regional market. Within almost three years of its inception Emirates Islamic Bank has managed to position itself as one of leading financial players in the UAE's banking sector.

The bank's rapid growth and success is mainly due to its continued successful launch of Shari'a compliant products, services and other key business initiatives. EIB is headquartered in Dubai and employs more than 800 staff.