Dubai Bank launches new Sharia compliant product

Dubai Bank has launched MULKI Property Financing, a new Islamic Sharia'a Compliant product designed to facilitate the purchase of properties in the United Arab Emirates.The product is available to UAE Nationals and Expatriates residing in the UAE."With the property market booming in UAE, the need for Shari'a compliant property financing solutions are increasingly necessitated," Adnan Chilwan Head of Marketing & Product Development said.

"MULKI" is an end-to-end Shari'a compliant property financing solution, constituting financing structures based on either the Murabaha or the Ijara.

"MULKI" is a unique property financing solution which caters to numerous & diverse property financing needs, be it the purchase of land, ready to own/lease properties, villas, townhouses or apartments, or even properties that are to be constructed.

"In 'MULKI' customer choice has been given the highest priority.This is clearly evident considering that, eligible customers have the choice to structure their own financial plan by setting the installment that they wish to pay depending on their individual payment capabilities. Furthermore, customers can benefit from either a fixed profit rate Murabaha structure or a variable profit rate Ijara structure, depending on personal preferences", added Adnan Chilwan. Source