Prospective homeowners in the UAE now have access to enhanced Sharia-compliant financing solutions, thanks to a new partnership between Abu Dhabi Islamic Bank (ADIB) and property developer Binghatti. The agreement aims to provide accessible home financing, including for off-plan developments, aligning with Islamic banking values.
As part of the arrangement, financing eligibility begins when a Binghatti project reaches 35% completion. This initiative allows buyers to secure a property without waiting for full project handover, easing access to real estate ownership at an earlier stage.
By enabling early-stage financing, the collaboration supports the growing demand for off-plan units and offers new pathways to homeownership for first-time buyers and end-users in the UAE.
Support for Buyers and Market Growth
Commenting on the partnership, Engr. Katranalda Binghatti, CEO of Binghatti, stated:
“This collaboration significantly lowers the entry barrier for buyers, granting them the opportunity to invest early and potentially benefit from property value appreciation.”
Mohamed Abdelbary, CEO of ADIB, emphasized that the initiative is in line with the bank’s commitment to promoting financial inclusion through Islamic principles.
“We aim to empower individuals and families by simplifying access to ethical home financing solutions,” he said.
Enhancing Access to Real Estate Through Innovation
The UAE’s property market has demonstrated sustained momentum, particularly in the off-plan segment. However, financing options for properties still under construction have traditionally been limited. By offering earlier access to Islamic mortgage solutions, ADIB and Binghatti are addressing a key market gap.
Binghatti has emerged as one of Dubai’s most dynamic developers, with more than 18,600 units currently under development across prominent districts including Downtown Dubai, Business Bay, Jumeirah Village Circle (JVC), and Dubai Science Park. In 2024 alone, the developer recorded AED 11.6 billion in sales, marking a 161% increase compared to the previous year.
The recent launch of Binghatti Aquarise, a landmark project with 1,600 residential units, reflects the company’s ambition and growth trajectory. Binghatti continues to elevate its brand through strategic partnerships with internationally recognized names such as Mercedes-Benz, Bugatti, and Jacob & Co.
Widening the Reach of Affordable, Sharia-Compliant Housing
With demand for residential properties in the UAE remaining robust, the collaboration between ADIB and Binghatti is poised to play a pivotal role in expanding homeownership opportunities—particularly for those seeking Islamic financing options. This model could set a new standard for developer-bank partnerships in the region.
Source: https://gulfnews.com/business/banking/adib-binghatti-team-up-to-offer-easier-islamic-home-financing-in-uae-1.500141757
