Noor Islamic Bank Signs MoU with Abu Dhabi’s ALDAR Properties and Sorouh Real Estate

Maximum of 90% Financing for selected Properties of ALDAR and Sorouh.

Noor Islamic Bank PJSC (NIB) has entered into a financing agreement with ALDAR Properties and Sorouh Real Estate, two of Abu Dhabi’s largest developers, to provide up to a maximum of 90 per cent financing for their residential developments.

Noor Islamic Bank is one of the few Dubai based banks to be on the approved panel of these developers which are renowned for their role in transforming the UAE’s capital into becoming an economic, tourism and cultural hub.

NIB will provide home financing for completed properties as well as for those which are under construction.

Hussain Al Qemzi, Group CEO, Noor Islamic Bank, said: “We aim to offer our customers the best in terms of service and value for money, and are delighted to enter into these agreements to expand our service footprint particularly in Abu Dhabi and generally across the UAE.

“We are particularly proud to partner with ALDAR Properties and Sorouh, who collectively represent the biggest and best developments in the nation’s capital. By offering our customers a wide choice of properties to choose from, we are cementing our role as a major provider of Shariah-compliant finance solutions.”

“ALDAR is pleased with this agreement with Noor Islamic Bank. We aim to offer purchasers of our integrated developments a prospective plan that ensures potential customers are provided financing options that suit their individual needs. ALDAR’s sustainable projects are well sought after and it is of paramount importance that we pair our developments with the right home financing institution,” commented Shafqat Ali Malik, CFO ALDAR Properties.

Galal Kulaib, CEO – Abu Dhabi, Noor Islamic Bank said: “Abu Dhabi represents a new opportunity for the bank as demand in the capital’s real estate sector accelerates. Our agreements with both ALDAR and Sorouh will offer value added and flexible Shari’ah-compliant financing options designed to maximise the experience of purchasing their new home.”

In a short span of time, Noor Islamic Bank has entered into home financing agreements with more than 13 developers across the UAE. The new arrangement with Abu Dhabi developers will offer one of the most attractive home finance arrangements available in the UAE, extending distinctive value added benefits including competitive profit rates and processing fees, as well as a simplified application process.

Launched in January, 2008, Noor Islamic Bank is on its way to becoming a global player in Islamic investment, transforming the offering and experience of modern Islamic banking while catering to the needs of modern consumers.

Press Release, Dubai, UAE, 5 July 2008


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