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Dubai Bank's Sharia-Compliant 'Mulki'

Dubai Bank has launched Mulki, a Sharia-compliant property financing product. Financing is available for all major developers and the payment period can be up to 20 years. Financing will be offered for ready properties or properties under construction. The product is available to UAE nationals and expatriates residing in the UAE.

Dubai Bank’s MULKI Property Financing, a new Islamic Sharia’a Compliant product, is designed to facilitate the purchase of properties in the UAE. Adnan Chilwan, head of marketing and product development, said: “With the property market booming in UAE, the need for Shari’a compliant property financing solutions are increasingly necessitated”.

“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

In addition to being flexible and convenient, MULKI promises a very strong value proposition for its customers, which is witnessed through its competitive product features.

The product has high finance-to-value ratio, long payment period and very competitive pricing. Financing is available for all major developers and projects.

Mohammad Al Nahdi, head of distribution, added: “At Dubai Bank customer convenience is of paramount importance to us in all our offerings, and that is why we have employed a dedicated sales team which can visit customers at their place of convenience and assist the customer in completion of all formalities.”

Customers wishing to apply for MULKI property financing can call the bank’s toll free number 8005555 and request for a sales advisor to visit them, thus avoiding the need to make a visit to the bank.(Trade Arabia News Service)

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