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FAB in deal to provide housing finance for UAE nationals

June 8, 2021
banking

First Abu Dhabi Bank (FAB) has announced the signing of an agreement with the Mohammed bin Rashid Housing Establishment (MBRHE) to provide flexible financing options for UAE nationals seeking suitable family housing.

The agreement comes as part of the 'Al Yusr' programme, one of the housing establishment’s initiatives aimed at providing the best financing options for nationals via partner banks.

Under the agreement, FAB Islamic will provide home financing of up to AED750,000 ( ), with profit subsidised and paid by MBRHE and payment lasting up to 25 years.

UAE nationals will also benefit from financing solutions at competitive rates if they are looking to buy or build a private home, given the land or property value is higher than the amount specified by MBRHE, remarked Fahad Al Shaer, Head of FAB Islamic and NHL after signing the deal with Sami Abdullah Gargash, CEO of MBRHE.

The agreement supports joint initiatives between the public and private sector to ultimately benefit UAE Nationals, and address their needs in an efficient and agile manner, particularly in the area of housing, and related financing solutions, he added.

Futoon Al Mazrouei, the Acting Head of Consumer Banking UAE, said: 'FAB is pleased to offer UAE nationals diverse financing options to acquire family homes in line with their requirements. Family life is an imperative part of UAE culture and this partnership will further boost our efforts to support UAE nationals in buying their dream homes.'

Welcoming the agreement, Gargash said it supports the government's goal to provide stability and happiness to its people.

'We are certain that this cooperation will contribute to ensuring the quality of housing services we provide, in line with the needs of UAE nationals and their families. We value FAB’s role in offering innovative financing solutions for UAE nationals,' he added.

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