Dubai Islamic Bank (DIB) announced today the launch of its new Al Islami Home Refinance product that allows customers to convert the equity gain in their property into another asset.

The Al Islami Home Refinance option is a Sharia-compliant product that provides another financing option to existing property owners in the UAE.

The refinancing product is available to all individuals who own freehold property that may or may not have an existing mortgage. DIB offers highly competitive rates, and finance of up to 85 per cent of the value of the property for a financing tenure of up to 25 years. This facility is also available for property that is yet to be delivered.

Mohammed Al Amiri, Senior Vice-President and Deputy Head of Retail, DIB, said: ““DIB continues its efforts to present customers with an ever widening range of Sharia compliant solutions to all your financial needs. Al Islami Home Refinance is the newest addition to the Al Islami Home Finance product range. We are extremely pleased to introduce this unique home refinancing product to the UAE. In a time of growing financial sophistication, DIB’s latest Sharia-compliant product provides homeowners the opportunity to invest in what they want, when they want.”

“Whether that means providing for their children’s education, purchasing a new vehicle, or investing in home improvements, Al Islami Home Refinancing grants individuals the freedom to make the choices that are right for them,” he concluded.