Understanding between Mohammed bin Rashid Housing and United Arab Bank to finance housing for citizens

Sharjah 29-08-2019
Mohammed Bin Rashid Housing Establishment and United Arab Bank have signed a Memorandum of Understanding (MoU) whereby the Bank provides home finance solutions to beneficiaries of the Al Yusr program, one of the Foundation’s initiatives, which allows beneficiaries to obtain pre-owned housing finance or build and buy housing from the local market through its partner banks and banks. .
The memorandum was signed by United Arab Bank Sheikh Mohammed Al Nuaimi, Executive Vice President, while Sami Abdullah Gargash, CEO of Mohammed bin Rashid Housing Establishment, signed the agreement in the presence of officials from both sides.
Under the MoU, the bank will provide 100 per cent residential finance with a repayment period of up to 25 years and qualitative profit rates in addition to offering two types of Shariah compliant banking facilities and solutions to own a home and another financing option in accordance with the financing policy and profit ratios in the bank .
Sheikh Mohammed Al Nuaimi said: “At UAB, we believe that serving the nation and the citizen is a solid responsibility between the public and private sectors, which drives us to work hand in hand to promote the values ​​of social responsibility and from this standpoint stems our keenness to direct all our efforts towards improving the quality of life of the UAE citizens. Mohammed bin Rashid Housing Establishment affirms our firm commitment to provide innovative home financing solutions to citizens in line with the vision and aspirations of our wise leadership, who spares no effort to ensure that the citizens of the UAE are happy and prosperous. ”
For his part, Sami Abdullah Gargash welcomed the United Arab Bank as a partner in housing finance, pointing out the readiness of the Foundation to reveal the housing alternatives within the framework of its programs that come as part of its permanent commitment to provide high-quality homes for UAE citizens.
He added that the signing of this memorandum comes within the framework of the Foundation’s keenness to activate the partnership between government institutions and the private sector and to unify efforts to serve the beneficiaries of the services of the Foundation through the provision of banking facilities for financing housing and to facilitate the procedures for obtaining the required housing finance through a single window that saves time and effort on customers.
Gargash explained that the Foundation will provide, through its partnership with the United Arab Bank, ideal opportunities for thousands of citizens to obtain a package of practical solutions related to housing construction in a manner that is easy to come within our endeavor to achieve residential stability and happiness of citizens in line with the visions and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum Deputy The President, Prime Minister and Ruler of Dubai “may God protect him” to develop a housing system directed to the people of the State and provide the requirements of modern life and achieve welfare and decent living.