FAB and the Mohammed Bin Rashid Housing Establishment partner to provide housing finance for UAE Nationals
Abu Dhabi, UAE; 7 June 2021: First Abu Dhabi Bank (FAB), the UAE's largest bank and one of the world's largest and safest financial institutions, has signed an agreement with the Mohammed Bin Rashid Housing Establishment (MBRHE) to provide flexible financing options for UAE Nationals seeking suitable family housing.
The agreement comes as part of the Al Yusr programme, one of the housing establishment’s initiatives aimed at providing the best financing options for nationals via partner banks.
Under the agreement, FAB Islamic will provide home financing of up to AED 750,000, with profit subsidised and paid by MBRHE and payment lasting up to 25 years. UAE nationals will also benefit from financing solutions at competitive rates if they are looking to buy or build a private home, given the land or property value is higher than the amount specified by MBRHE.
The agreement was signed by Fahad Al Shaer, Head of FAB Islamic and NHL and HE Sami Abdullah Gargash, CEO of MBRHE.
Commenting on the partnership, Futoon Al Mazrouei, Acting Head of Consumer Banking UAE, FAB said: “We are pleased to offer UAE nationals diverse financing options to acquire family homes in line with their requirements. Family life is an imperative part of UAE culture and this partnership will further boost our efforts to support UAE nationals in buying their dream homes.”
She added: “We are also delighted to have partnered with the Mohammed Bin Rashid Housing Establishment and we look forward to building more partnerships with the government to offer more UAE national exclusive benefits and packages. At FAB, we are always looking for ways to offer flexible and innovative solutions.”
The agreement with MBRHE is a new addition to FAB’s continuous efforts to support UAE nationals in buying or building their dream homes. FAB is a strong supporter of the government’s National Housing finance initiatives.
HE Sami Abdullah Gargash said: “We welcome this agreement which supports the government's goal to provide stability and happiness to its people. We are certain that this cooperation will contribute to ensuring the quality of housing services we provide, in line with the needs of UAE nationals and their families. We value FAB’s role in offering innovative financing solutions for UAE Nationals.”
The agreement supports joint initiatives between the public and private sector to ultimately benefit UAE Nationals, and address their needs in an efficient and agile manner, particularly in the area of housing, and related financing solutions.