Construction

Sharjah’s Arada partners with Dubai Islamic Bank for home loans

4,000 units at Aljada and Nasma Residences sold as Arada chairman says 2019 has seen ‘two best sales months’

Sharjah-based real estate developer, Arada has announced that it is partnering with Dubai Islamic Bank (DIB) to streamline the home ownership process for buyers of its properties. This is in line with Arada selling over 4000 units in its two projects, Aljada and Nasma Residences, in the past two years.

According to a statement from the company, it has started handing over units at Nasma Residences, which are scheduled for completion by the end of Q2 2020. In addition, Aljada- a master-planned destination with a sales value of $6.5 billion, unveiled in September 2017, is under construction and scheduled for handover in Q1 2020.

Sheikh Sultan bin Ahmed Al Qasimi, chairman of Arada, commented: “So far, 2019 has resulted in our two best sales months, which we have achieved by improving the integration of teams within Arada, and also the desirable investment products that we have recently released to the market.”

“This new partnership with the DIB represents yet another way in which we are making every effort to make the lives of our buyers easier and more efficient. We look forward to working closely with our partners, as we accelerate the delivery process for our homes,” he added.

Meanwhile, Varun Sood, chief of Home Finance at DIB said, the bank looks forward to ensuring that Arada property buyers can benefit from the bank’s proficiency in this area, as home-owners move into their new houses.

“As one of the most experienced and capable Sharia-compliant lenders in the region, we have considerable expertise when it comes to providing transparent and efficient home financing solutions,” he added.

Arada further stated that the home financing partnership with DIB will allow property buyers to access highly competitive mortgage rates and exclusive flexible payment plans, as well as rapid and easy processing without the need for a salary transfer.

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