The UAE’s largest lender by assets, First Abu Dhabi Bank (FAB) has signed an agreement with the Mohammed bin Rashid Housing Establishment (MBRHE) to provide flexible financing options for Emirate Nationals seeking suitable family housing.
The agreement is part of the ‘Al Yusr’ program, which is one of the housing establishment’s initiatives aimed at providing nationals with the best financing options through partner banks.
Under the agreement, FAB Islamic will provide home financing of up to $204181.63, profit subsidized and funded by MBRHE with payments lasting up to 25 years.
UAE nationals will also benefit from financing solutions at competitive rates if they are looking to buy or build a private home, given the land or property worth is higher than the amount specified by MBRHE. Mr. Fahad Al Shaer, Head of FAB Islamic and NHL, and Mr. Sami Abdullah Gargash, CEO of MBRHE, signed the agreement.
Ms. Futoon Al Mazrouei, Acting Head of Consumer Banking UAE, FAB remarked that “we are pleased to offer UAE nationals diverse financing options to acquire family homes in line with their requirements. Family life is an imperative part of Emirate culture and this partnership will further boost our efforts to support UAE nationals in buying their dream homes.”
Mr. Gargash pointed out that “we welcome this agreement which supports the government’s goal to provide stability and happiness to its people. We are certain that this cooperation will contribute to ensuring the quality of housing services we provide, in line with the needs of UAE nationals and their families. We value FAB’s role in offering innovative financing solutions for UAE Nationals.”
The agreement encourages joint initiatives between the public and private sector to benefit UAE Nationals and address their needs in a timely and effective way, notably in the area of housing and related financial solutions.