DIB, EIGHTEEN sign Pakistan’s first Shariah compliant off-plan financing agreement

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Eighteen and Dubai Islamic Bank (DIB) join hands to support Government of Pakistan’s vision in providing innovative Mortgage Financing solutions and promoting world class housing units in the country, with key focus on Non-Resident Pakistanis (NRPs).

As per this arrangement, Dubai Islamic Bank will provide Off-Plan Mortgage financing (under construction projects) to resident and non-resident Pakistanis for purchasing villas and apartments in EIGHTEEN housing project near New Islamabad International airport.

To commemorate this auspicious event, signing ceremony was held at Dubai Islamic Bank’s Head Office in Karachi in which senior management from State Bank of Pakistan, Dubai Islamic Bank & Elite Estate Pvt. Limited were present.

Tarek Hamdy, CEO of EIGHTEEN, expressed his views, saying “it is indeed a historic moment for both the institutions, as we recognize the importance of mutual co-operation for the growth and support of housing sector in the country. Such collaborations will play a key role in the promotion of off plan and on plan housing finance and realizing the government’s vision of attracting investment of overseas Pakistanis in the real estate sector of Pakistan.”

Speaking on the occasion Junaid Ahmed, President & CEO of Dubai Islamic Bank Pakistan said that “Dubai Islamic Bank takes yet another lead in offering Pakistan’s First Shariah Compliant off-plan financing. The Bank is aggressively working towards supporting the housing and construction industry which in turn will provide affordable housing finance to Pakistanis particularly, the overseas Pakistanis.

Dubai Islamic Bank is the market leader in providing home finance through Roshan Apna Ghar (RAPG), a product providing subsidized financing to overseas Pakistanis, with ease of reparability of funds. The Bank also holds a significant share in mortgage finance market and this collaboration will further strengthen our role in this sector.”