News

Binghatti and ADIB to bring Sharia-compliant home finance solutions to the UAE real estate market

Dubai, UAE – Dubai’s leading developer, Binghatti Holding Ltd. (“Binghatti), announced today that it has signed a Memorandum of Understanding (‘MoU’) with Abu Dhabi Islamic Bank (“ADIB”), a leading financial institution in the UAE, to broaden and deepen Binghatti’s customer base by offering customers Sharia-compliant home-financing solutions, including off-plan property purchases. The MoU allows the two parties to detail an agreement that will make it easier for homeowners to secure home financing solutions once construction of a project reaches 35% completion. Commenting on the MoU, Engr. Katranalda BinGhatti, Chief Executive Officer, Binghatti, said: “This innovative Islamic financing solution is a game changer for our industry and will continue to support the growth of off-plan sales and the sustainability of the real estate market. We expect to be able to offer our growing customer base a lower threshold to access financing across our projects under development in Dubai and a way to benefit from market appreciation. We have a strong relationship with ADIB over many years and are delighted to be working together to support the evolution of home financing.” Commenting on the MoU, Mohamed Abdelbary, Group Chief Executive Officer at ADIB, said: “ADIB continues to play a pivotal role in expanding access to home financing in the UAE, empowering more individuals and families to take their first step into being property owners. This partnership with Binghatti reflects our shared vision of enabling homeownership by providing innovative Sharia-compliant solutions. Together, we aim to deepen the real estate financing market in the UAE by unlocking greater affordability and financial inclusion.”