Ajman Bank inks Manazel home finance deal
Abu Dhabi, February 16, 2011
Ajman Bank, an award-winning financial services institution, has signed a home finance facility partnership with Manazel Real Estate, a leading UAE real estate developer.
Under the agreement, Ajman Bank customers can avail home finance on properties in Manazel developments.
“This partnership meets the strong demand for Islamic home finance from customers in Abu Dhabi and Dubai,” said Ali Al Nuaimi, deputy chief executive officer, Ajman Bank.
Ajman Bank will offer up to 80 per cent finance-to-value ratios for Manazel properties, along with tenures of up to 20 years. The maximum finance amount will be Dh5 million. Home finance will be available to UAE nationals and expatriate residents with a minimum monthly income of Dh10,000 and 20,000, respectively.
“We are delighted to partner with Ajman Bank to provide Islamic home financing to our customers,” added Mohamed M Al Mazrouei, CEO of Manazel Real Estate.-TradeArabia News Service