Abu Dhabi – Mubasher: The United Arab Bank (UAB), listed on the Abu Dhabi Securities Exchange (ADX), announced it has signed a memorandum of understanding (MoU) with the Mohammed Bin Rashid Housing Establishment (MBRHE).

Under the MoU, the UAB would provide the UAE nationals with housing finance solutions under the MBRHE’s Al Yusr programme, according to a press release.

Moreover, the ADX-listed bank will offer up to 100% of the property’s value in financing for Emiratis, with a tenure of up to 25 years and attractive profit rates.

“The UAB will provide beneficiaries with two Shariah-compliant segments of facilities including, the finance up to AED 750,000 with no interest rates, and a second financing option according to the UAB's policy for financing and interest rates,” the release highlighted.

The MoU was signed by Deputy CEO of UAB Mohamed Al Nuaimi and CEO of the MBRHE Sami Abdullah Gargash at MBRHE headquarters.

Mohamed Al Nuaimi said: “Our partnership with MBRHE is affirming our strong commitment to providing innovative solutions to finance the UAE national houses, in line with the vision and aspirations of our wise leadership that spared no effort to provide UAE nationals with all means of happiness, prosperity and good living.”

For his part, Sami Abdullah Gargash said: “Through this partnership, we will provide the UAE citizens with a number of practical solutions that would help ease housing finance. This comes as part of our endeavors to realize housing stability, in accordance with the wise vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, in terms of developing the housing system and providing the demands of the contemporary world.”

It is worth noting that Al Yusr programme is one of MBRHE’s initiatives which aim at offering financial options for UAE national beneficiaries where they can obtain MBRHE-owned ready properties through partner banks.