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Tourism Development & Investment Company (TDIC), the master developer of tourism, cultural, and residential destinations in Abu Dhabi, has signed a cooperation agreement with Abu Dhabi Islamic Bank (ADIB), to provide Islamic finance options for home finances on its Saadiyat Island flagship project.
TDIC and ADIB are offering a unique home finance package for potential Saadiyat Island residents which include finance of up to 85 percent and competitive profit rates starting from 6.0 percent. The package offers tenures of up to 25 years without processing or any other fees and deferment of up to 10 percent of the down payment to near handover date.
This Islamic home finance will supplement the existing home finance agreements already facilitated on the island. It will be available for the Saadiyat Beach Villas commencing immediately and will be an option for all future property financing on Saadiyat Island.
Rashid Al Suwaidi, TDIC’s Director of Sales and Leasing, commented: “As construction on Saadiyat Island progresses on schedule, TDIC is committed to ensuring that all potential residents have a variety of mortgage and leasing options including conventional and Islamic mortgages. This cooperation agreement between TDIC and ADIB will encourage and allow many local residents to be part of Saadiyat Island’s promising future.
“As more properties become available to buy on Saadiyat Island during 2011 and into the future, and the popularity of Islamic banking increases, we expect to see strong interest in these Islamic home finance packages in addition to our existing agreements with other banks in the UAE,” said Al Suwaidi.
Dhafer Luqman, head of Strategy Products Management International and Retail at ADIB, added: “The home finance option that ADIB will provide to TDIC clients ensures that all costs for the ultimate buyer are fixed initially and that there are no hidden fees or fluctuating installments. This kind of transparency is a key reason for the dramatic growth of Islamic finance. Clients are keen to avoid implications of any fine print or ambiguous terminology in contracts and this advantage, coupled with the competitive profit rate will aid the uptake of the ADIB option.”
Saadiyat Island is a natural Abu Dhabi island being developed by TDIC to offer the highest standards in community living and quality commercial surroundings whilst respecting and protecting the environment. Upon completion, Saadiyat Island will be home to around 145,000 residents.
The luxury Saadiyat Beach Villas are the cornerstone of the first phase of the exclusive Saadiyat Beach Residential community, and the first residential properties available to buy on the island. The product offering will consist of options of three to six bedroom properties in Mediterranean, Arabian and Contemporary styles.
Existing mortgage agreements with Standard Chartered Bank, Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and Abu Dhabi Finance and the newest ADIB Islamic home finance agreement, Mashreq Bank and First Gulf Bank will be available on all of the remaining villas, in addition to further properties coming onto the market as development progresses on schedule through to 2020.
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