Islamic mortgage provider cuts rates for Ramadan

Fri, 02 Sep 2011
Islamic mortgage customers in the United Arab Emirates were last week able to celebrate the coming of Eid with a number of new deals.

According to the National, Emirates Islamic Bank launched a clutch of promotional rates to mark the end of Ramadan on Wednesday (August 31st) and the beginning of the academic year.

The Islamic mortgage provider cut its car finance rates to 2.99 per cent, while its mortgages were made available from 4.99 per cent.

Based in Dubai, the lender is Sharia-compliant and chose to help make Ramadan more exciting by allowing customers to take advantage of special deals.

Those interested in Islamic mortgages can also access the offer until September 29th and comes after Masreq Bank cut its rates to 4.99 per cent for anyone who transferred their Islamic mortgages from another provider.

Islamic mortgages aim to allow Muslims to buy a home without contravening Sharia laws.

They often see the bank buy the house outright, with the customer paying rent until they have repaid an agreed amount.

This helps avoid paying interest, which is forbidden.
Salaam-u-Allaikum
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