Arada joins with Dubai Islamic Bank to provide home financing solutions

Arada joins with Dubai Islamic Bank to provide home financing solutions

SHARJAH, 4th August, 2019 (WAM) -- Arada, a Sharjah-based real estate developer, has announced a partnership with Dubai Islamic Bank, DIB, to streamline the home ownership process for buyers of Arada properties.

The company confirmed that it has sold over 4,000 units in its two projects, Aljada and Nasma Residences, in the past two years.

"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," noted Sheikh Sultan bin Ahmed Al Qasimi, Chairman of Arada.

"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.

Further, Varun Sood, Chief of Home Finance at the DIB, said, "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. We look forward to ensuring that Arada property buyers can benefit from our proficiency in this area, as they prepare to move into their new homes."

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. In addition, the lender is also opening a kiosk at the Arada sales centre in Sharjah and has appointed a dedicated relationship manager to handle queries from buyers.

Arada has started handing over its first-ever units in Nasma Residences, scheduled for completion by the end of the second quarter of 2020. Aljada, a master-planned destination with a sales value of AED24 billion, was unveiled by H.H. Dr. Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, in September 2017.

Construction on Aljada is underway, with the first homes scheduled to be handed over in the first quarter of 2020.