Tamweel PJSC, the largest provider of real estate finance in the UAE, has launched a new home refinancing product that allows customers to convert the equity of their home into investable liquidity. Soyoula, which is Arabic for "liquidity," is a Sharia-compliant product that provides financing to both resident and national property owners in the UAE. Following the successful introduction of Yusr, the world's first Sharia-compliant Adjustable Repayment Mortgage, Tamweel has demonstrated with Soyoula that it will continue to provide innovative home finance solutions. Under the Sharia-compliant terms of this offering, individuals who own freehold or private property that is free of lien or mortgage may seek refinancing against the value of their home. "The introduction of Soyoula comes at a time of increasing maturity in the UAE property market, and is designed to meet the long-term investment needs of a stable class of homeowners. We are confident, then, that this is the appropriate moment for Tamweel to introduce Sharia-compliant home refinancing, which will provide a range of benefits for individuals, including the opportunity to diversify their investments", said Adel Al Shirawi, Chief Executive Officer, Tamweel. Source
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