DUBAI — Dubai Bank has launched MULKI Property Financing, a new Islamic Shariah-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 country.
Adnan Chilwan, head of marketing and product development said: "With the property market booming in the UAE, the need for Shariah- compliant property financing solutions is increasingly necessitated".
MULKI is an end-to-end Shariah-compliant property financing solution, constituting financing structures based on either the Murabaha or the Ijara. It is designed to cater to diverse property financing needs, be it the purchase of land, 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. Eligible customers have the choice to structure their own financial plan by setting the instalment 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", Chilwan added. In addition to being flexible and convenient, MULKI promises strong value proposition for its customers. The product has high finance-to-value ratio and long payment period.