UAE and GCC nationals to benefit from MoU signed with Manazil Real Estate

Package features 85% finance with 24-hour approval offer

Variable rate options start from 4.99%, five-year fixed rates start from 5.99%

Dubai, June 27, 2012: Emirates Islamic Bank (EIB), one of the leading Islamic financial institutions in the region, announced today that it will provide housing finance to UAE and GCC nationals buying property in Manazil Towers in Sharjah.

The announcement follows a MoU signed with the developer, Manazil Real Estate, to finance end users for its five completed towers (Manazil Tower 1, 2, 3, 4 and 5) in Sharjah.

"The MoU with Manazil Real Estate is a win-win deal and reiterates EIB's focus on providing suitable finance for UAE and GCC nationals looking for affordable housing options. The home finance package is highly competitive and includes the most viable product features and benefits available in the market," said Faisal Aqil, Deputy CEO, Consumer Wealth Management, Emirates Islamic Bank and Dubai Bank.

Emirates Islamic Bank's package for Manazil Towers features up to 85% finance in variable rate options starting from 4.99% and five-year fixed rate starting from 5.99%, with a 24-hour pre-approval offer.

"At Emirates Islamic Bank we customise our home financing packages to suit the customers' needs, and this financing offer is an extension of that approach. We are committed to reaching out to and facilitating more customers who are interested in owning a home, and believe that our practical offering will support the growing interest in the UAE's real estate sector," added Aqil.

Commenting on the MoU Eng. Abdul Mohsen Al- Hamadi, Chairman and CEO, Manazil Real Estate said, "The MoU is an extension of our aim to provide quality product and service and show our commitment to their real estate needs. Our customers will benefit from this partnership, which will give them the flexibility to get up to 85 per cent financing."

Manazil Real Estate has been active in the real estate market in Sharjah, Dubai, Ajman and Ras Al Khaimah since the last seven years.

-Ends-

About Emirates Islamic Bank:  
Emirates Islamic Bank opened its doors in October 2004 with a mission to provide customers in the UAE with innovative Shari'a-compliant financial solutions.

The Bank offers a wide range of products and services conforming to the highest standards of Islamic finance and all its activities are overseen by a prestigious Shari'a board. 

EIB offers a comprehensive combination of products and services for Retail, Corporate and Investment banking. On the retail side, the bank has an array of products, such as Credit Cards; Manzili&Bina'a Home Finance, Intaleq Car Finance, Ethmar priority banking, Al Reem ladies banking, Emtalik personal finance, SME business.

Emirates Islamic Bank is also very active on the Corporate Banking level, seeking exceptional investment opportunities in the local as well as the regional market.  

To ensure the proximity to our customers, EIB has expanded its network to reach 36 branches as well as more than 100 ATM's throughout the UAE. And to provide customers with the friendliest banking solutions, the bank has developed a wide range of Alternate Banking Channels such as Mobile Banking Service, Internet & Phone banking. With EIB alternate banking channels, customers will be able to perform a wide range of transactions at anytime and from anywhere.

EIB has received numerous accolades such as the prestigious Sheikh Mohamed Bin Rashed Business Award and Ethos Award for best Islamic bank for Customer Service in the UAE, also our Manzili Home Finance product was credited as the Best Islamic Home Finance Product from CPI financial. These awards signify the high level of customer satisfaction as well as display the bank's good practices within their banking methods.

For more information, please visit: www.emiratesislamicbank.ae or contact:
Iman Ahmed
Senior Manager Media Relations
Asda'a Burson - Marsteller
i.ahmed@asdaa.com
Mobile: 050 2058021

Hassan Al Khuwaildi
Communications, Group Marketing, Emirates NBD
Tel: 971 4 6093459
Mob: 971 50 7454454
Email: HassanAl@emiratesnbd.com

Sudha Chandran
ASDA'A Burson-Marsteller, Dubai, UAE
Tel: 971-4-4507600, Fax: 971-4-4358040
Email:s.chandran@asdaa.com

© Press Release 2012