One of the world’s largest and safest financial institutions, UAE-based First Abu Dhabi Bank (FAB) has joined hands with Swedish conglomerate IKEA’s regional arm managed by Al-Futtaim Group to offer National Housing Loan (NHL) program customers specialized personal loans to furnish and decorate their homes.
Apart from the personal loans, NHL customers will also be offered varied services such as personalized and private interior design and home furnishing advice as well as low rates and a fast application process.
Mr. Fahad Al Shaer, Head of FAB Islamic and NHL, and Mr. Vinod Jayan, Managing Director – IKEA UAE, Qatar, Egypt and Oman signed the partnership deed.
Commenting on the partnership, Mr. Futoon Al Mazrouei, Acting Head of Consumer Banking, FAB, remarked that, “The NHL program has been a trusted partner for many years to UAE nationals in Abu Dhabi on their journey to creating a dream home, supporting them on every step from design through to implementation. We are excited to partner with IKEA to enhance the program further and drive additional value for customers. This product offers an attractive range of financial and practical benefits for customers putting the finishing touches on their homes, and FAB is proud to work alongside customers to pursue their vision of a dream house.”
Sharing his thoughts about the association, Mr. Vinod Jayan stated that, “Al-Futtaim IKEA is proud to partner with FAB’s initiative to extend personal home loans for Emiratis in Abu Dhabi, under the Abu Dhabi Housing Authority (ADHA) scheme. With this partnership, we hope to strengthen and improve the confidence of our Emirati customers in choosing IKEA as their home interiors partner. Being in the region for 30 years, the expertise and knowledge gained from our multiple life at home research has helped us in understanding the need and dreams of our local customers, enabling us to create a space that can be used, loved and enjoyed by the whole family.’’
The NHL program provides UAE Nationals in Abu Dhabi with interest-free housing loans to buy prefabricated homes, build private homes, or expand existing ones. The program is run by the Abu Dhabi Housing Authority (ADHA), where FAB is mandated with managing, disbursement, building management and repayment on behalf of ADHA.
FAB customers can apply through the website.