ADIB launches UAE’s first long-term, fixed-rate home finance
ABU DHABI, July 17, 2023
Abu Dhabi Islamic Bank (ADIB) announced the launch of its new product, ‘Istikrar’, the UAE’s first long-term, fixed-rate home finance.
This product offers customers a consistent, fixed monthly instalment throughout the chosen tenor rate, eliminating any variations or fluctuations.
The new offering provides customers with more property financing options amid a high-rate environment. Fixed-term schemes offer stability and predictability for customers when managing their budgets, said a top official.
"Istikrar is an important milestone not just for ADIB, but for the UAE as a whole. Given the uncertain rate environment, we observed an increasing demand from our customers for a fixed-rate home finance option," stated Amit Malhotra, Global Head of Retail Banking.
"Istikrar has been introduced to help in their financial planning and optimise their household budget. Our aim is to continue leveraging customer insights to introduce new offerings that support our customers’ goals of home ownership," he stated.
The fixed-rate tenor offered by the bank guarantees homebuyers from any large final payment or unexpected changes in installments, he added.
