Nov 05 2007 |
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Commercial Bank of Dubai Inks Deal with National General Insurance Company for Home Loan Protection
Dubai, November 5th, 2007: Commercial Bank of Dubai has announced it signed an agreement with National General Insurance Company to provide insurance coverage to all the home finance loans given by the bank.
The deal is expected to serve the bank and its clients as well as the national economy in a number of ways. The move comes as part of the bank's commitment to support the growth of real estate in the country and follows the launch last month of the bank's Home Finance Program, which stands out in terms of competitive interest rates and low processing charges. The program provides 90% of the property cost for both primary and secondary properties.
Faisal Galadari, General Manager, Business Group at CBD said that the move is meant to support the economic growth in the country, particularly the exceptional real estate boom which is currently being witnessed. "It is in line with the ambitious plans of the bank to enhance its banking and financial services to individual clients. We are aiming at achieving these objectives through our property loan schemes in the UAE, which are designed to facilitate our clients to possess the home of their dreams," he explained.
Dr. Abdu Al Zahra Abdullah, General Manager, National General Insurance Company , said that the insurance cover provided by his company for both individuals and properties is marked by procedural simplicity, flexibility and quick response. "We have designed it in line with the requirements of CBD , which was very particular about serving the interests of their clients to the last detail."
The
National General Insurance Company
, headquartered in Dubai, is considered one of the pioneers in the field. It is an associate member of the Emirates Banking Group, besides other important companies such as Commercial bank of Dubai and Dubai Investment Company. It is also listed on the Dubai Bourse and enjoys excellent growth pattern. It has a good reputation and is rated BBB by Standard & Poor.
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© Press Release 2007
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