SHARJAH, The United Arab Bank, UAB, recently signed a Memorandum of Understanding, MoU, with the Mohammed Bin Rashid Housing Establishment, MBRHE, under which the bank would offer housing finance solutions to UAE nationals who are under the purview of the Al Yusr programme.

The Al Yusr programme is one of the MBRHE's initiatives aimed at providing financial options to Emirati beneficiaries to obtain the MBRHE-owned ready properties via partner banks.

Under this partnership, the UAB will offer UAE nationals financing up to 100 percent of the property's value, with a tenure of up to 25 years, and attractive profit rates.

Additionally, the UAB will provide beneficiaries with two Shariah-compliant segments of facilities, including finance up to AED750,000 with no interest rates, and a second financing option according to the UAB's policy for financing and interest rates.

The MoU was signed at the MBRHE headquarters by Sheikh Mohamed Al Nuaimi, Deputy CEO of the UAB, and Sami Abdullah Gargash, CEO of the MBRHE.

Commenting on the partnership, Al Nuaimi said, "Our partnership with the MBRHE affirms our strong commitment to providing innovative solutions to finance the houses of UAE nationals, in line with the vision and aspirations of our wise leadership who spared no effort to provide UAE nationals with happiness, prosperity and good living."

Gargash said, "Through this partnership, we will provide UAE citizens with several practical solutions to help ease housing finance. This comes as part of our endeavours to realise housing stability, in accordance with the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, in terms of developing the housing system and keeping up with the demands of the contemporary world."

Ahmad Abu Eideh, CEO of the UAB, said, "At the UAB, we look forward to building further partnerships with public sector corporations and launching joint community initiatives to offer a package of facilities and banking options for UAE citizens and residents alike. For that reason, we have inked this agreement, through which we will offer various opportunities and solutions to those who are willing to obtain housing finance, along with flexible repayment schemes."

Also present at the event were Mohammad Ahmad Borahima, Assistant CEO of Engineering Sector; Mohammad Humaid Al Merri, Assistant CEO of Financial and Support Sector; and Ahmed Issa Al Helw, Head of Marketing and Partnerships.

Source: Emirates News Agency