Dubai-UAE: 26 August, 2015 - Noor Bank, a leading Shari'a compliant bank in the United Arab Emirates, has partnered with Dubai Properties to provide financing for a selection of both completed and off plan properties - such as one of Dubai Properties' latest projects, Mudon and completed projects such as The Villa and Remraam.

Under the partnership, Noor Bank will be providing attractive terms for end user financing for both residents as well as non-residents. Financing will be available for up to 25 years tenure and finance to value ratios of up to 80% for UAE nationals and 75% for expatriates on completed projects and 50% for off plan projects with finance amounts of up to AED25 Million. As part of the collaboration, Noor Bank has assigned a dedicated team for the developer to ensure the delivery of quality service to the developer's clients.

Pawan Dhawan, Head of Home Finance, Noor Bank, said, "This joint collaboration with Dubai Properties demonstrates our commitment to offering best-in-class Shari'a compliant solutions to support customers with their investment needs and provide them with the opportunity to own properties that are in high demand."

Abdulla Abushabieb, Executive Director, Sales and Customer Care, Dubai Properties, said: "Our partnership with Noor Bank reflects Dubai Properties' mandate to create solutions that meet the needs of homebuyers in the UAE market. Judging by the huge uptake for the first phase of the Mudon community cluster, we perceive an exceptionally strong demand for high-quality, affordable properties in carefully master-planned, and well located residential communities from homebuyers, ranging from young professionals to large families. This partnership with Noor Bank will enable us to offer our customers a flexible range of home financing solutions that suit their individual circumstances and help them invest in their future." 

Under the various financing options, customers can avail Noor Bank's home equity release solution, which provides finance of up to AED10 million, ensuring they can unlock their property's full value and invest in other avenues. In addition, clients who are looking to reduce their monthly instalments during the initial years of the finance can also take advantage of the bank's newly launched product, 'Flexi Home Finance' for ready properties. Noor Bank will additionally facilitate the transfer of any existing finances that customers have with other banks - enabling them to avail the attractive rates on offer.

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About Noor Bank
Noor Bank began operations, in Dubai, in 2008, as Noor Islamic Bank. It is a full service bank delivering the broadest range of products for its customers, with an emphasis on unique and personalised service. Noor Bank is governed by a Fatwa and Shari'a Supervisory Board, comprising leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. Noor Bank is rated "A-" IDR with a stable outlook by Fitch Ratings. The corporate shareholders of the Bank are The Office of the Crown Prince of Dubai (25.73%), the Investment Corporation of Dubai (22.71%) and the Emirates Investment Authority (4.7%).  The remaining shares are beneficially held by individuals who each own less than 5% of Noor Bank.  For further details, please visit: www.noorbank.com or call 800 6667.

About Dubai Properties
Dubai Properties (DP) is a leading Dubai-based real estate master developer and asset manager known for renowned destinations across the Emirate. DP's portfolio of mixed-use contemporary residential, commercial developments, landmarks and luxury destinations includes the upmarket Jumeirah Beach Residence; the DUBAILAND district (The Villa, Al Waha, Remraam, Arabella and Mudon); residential and commercial developments in Business Bay, the mixed-use development along the Dubai Creek extension, such as Bay Square, The Executive Towers and Vision Tower; as well as recently launched developments around the Dubai Creek, such as Dubai Wharf, Manazel Al Khor and the Anantara Hotel.

As one of Dubai's largest asset managers, DP maintains an extensive residential, commercial and retail leasing portfolio which includes over 19,500 residential units in Layan, Shorooq, Ghoroob, Al Khail Gate communities and Nuzul staff accommodation and the management and leasing services of over 1.2m sq ft of retail space across destinations such as The Walk in JBR, Bay Avenue and Bay Square in Business Bay, in addition to a growing portfolio of community retail in its residential communities.

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© Press Release 2015