By: Ramy Sameeh

Abu Dhabi-Mubasher: Emirates Development Bank (EDB) intends to launch Islamic finance services before the end of 2016, according to the bank’s Acting CEO Rashid Mahboob Misbah.

Providing its services in Abu Dhabi, Dubai and the Northern Emirates, the bank saw a growth in its client base to 20,000, he added on the sidelines of a housing event in Abu Dhabi.

The bank aims to provide low-cost real estate loans to around 30,000 Emiratis by 2021, Misbah noted.

EDB has sufficient liquidity to cover all it activities, as well as facing any challenges if loan requests increase

The bank launched three new housing finance programmes, bringing the total to five.

EDB is currently studying a number of projects in several sectors, he said.

Misbah noted that EDB is coordinating with other banks to finance these projects through letters of guarantee.