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The Board of Directors of Emirates Development Bank held its fifth meeting of 2017 on Thursday, the 14th of September at the Bank’s offices in Dubai under the chairmanship of H.E. Obaid Humaid Al Tayer, Cabinet Member and Minister of State for Financial Affairs. The Board discussed the items on the agenda, took several important decisions, and oversaw the procedures taken by the executive directorate about his Excellency’s decisions and recommendations and approved home finance loans for UAE nationals based on the following competitive advantages:
1. Home purchasing up to AED5 million.
2. Home construction up to AED3 million.
3. Financing ratio up to 100% of the property value.
4. Repayment period of up to 25 years.
5. Home finance is compliant with Shariah requirements.
His Excellency Obaid Humaid Al Tayer, Cabinet Member and Minister of State for Financial Affairs, Chairman of the Board of Directors of Emirates Development Bank said: "Through the launch of home finance products, we seek to provide flexible bank loans to finance the purchase or construction of UAE national housing, which will in turn contribute to fulfilling the developmental objectives of the government; providing adequate housing for UAE nationals, re-enforcing family stability and social cohesion, and building a dynamic and symbiotic society that effectively contributes to the development and prosperity of the UAE and its national economy”.
Emirates Development Bank aims to target all UAE nationals, the nationals who have loans from federal and local housing authorities and all UAE nationals seeking home finance to construct their own private housing or purchase it.
Emirates Development Bank home finance products for UAE nationals are characterized by easing financial burdens on nationals, transparency in communication and flexible credit standards.
It should be noted that all UAE nationals who have received housing support approval from the housing corporations in the country, such as the Sheikh Zayed Housing Programme, Abu Dhabi Housing Authority, Mohammed bin Rashid Innovation Fund, and Government of Sharjah Directorate of Housing, for a supplementary loan of up to AED3 million, inclusive of the value of residential support.
The Chairman confirmed: “Emirates Development Bank enables its customers to access their accounts and execute their banking operations at any time and any place through smart banking applications, which have a wide range of services and is easy and secure to use.” He added: “These measures aim to accelerate the process of obtaining housing support for UAE national families; providing affordable financing solutions and reducing housing corporations waiting lists, in addition to providing support, financing and innovative banking solutions that achieve sustainable development of the housing sector in the country and decrease the UAE nationals’ financial burdens by eliminating their need for commercial loans.”
The Chairman added: “Emirates Development Bank adds quality to the banking sector in the UAE, as it re-enforces the efforts exerted on all levels to promote the comprehensive development of the country and help UAE nationals own their home.”
Emirates Development Bank seeks to achieve the UAE vision 2021 through the execution, improvement and support of development projects in the country. In addition to facilitating real estate credit dedicated to the construction, maintenance and development of buildings intended for personal housing, financing housing and urban projects on behalf of the government and representing the government in any projects or investments established between the government, governmental or external entities or corporations in accordance to the Council of Ministers’ decision.
The Board of Directors welcomed Mr. Haytham Yousef Kamhiyah and congratulated him on being appointed as CEO of Emirates Development Bank. Mr. Kamhiyah has over 25 years of banking experience with the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) in SMEs and mortgage finance. Mr. Kamhiyah holds an Advanced Management Diploma from INSEAD University and a Bachelor’s Degree with Distinction in Accounting and Business Administration from the University of Jordan. He also pursued his education as a Certified Public Accountant (CPA) from the American Institute of Certified Public Accountants in Illinois and as a Certified Management Accountant (CMA) at the Institute of Certified Management Accounts in New Jersey, USA, later becoming a member of both institutions.
Website:http://www.edb.ae
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