Dubai is a mixed culture city, but the number of the Muslims living there is large. Since the price of Dubai real estate is currently hitting bottom, people believe this is the right time to purchase a premium property in low cost. Those Muslims, which cannot put down enough cash to purchase a property, are [...]
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Mashreq Bank’s mortgage interest rate issue
As we know that Mashreq Bank is the largest private bank in UAE having its retail branches in Egypt, Qatar, Kuwait and Bahrain. It has been providing the consumers of these markets with wide range of financial services. It has a proven track record but now it looks like it is making its customers to [...]
Shariah compliant Tamweel to be acquired by Dubai Islamic Bank
Tamweel, one of the largest providers of shariah complaint products in UAE and Dubai is to be acquired by Dubai Islamic Bank. Tamweel faced a loss of AED 54 million last year and now it is facing financial problems in paying off its debts. Currently Tamweel is negotiating with its creditors for restructuring the payment [...]
Can Saudi mortgage law become a potential model for GCC
We all know that the Saudi Arabia has decided to shape the mortgage law and bring in more flexibility in its real estate laws. They have decided to do this after viewing a huge opportunity in the mortgage market. All the Middle East countries including Dubai and UAE are curiously waiting for Saudi Arabia’s mortgage [...]
Islamic Mortgage in Dubai and UAE
According to the Islamic Shariah compliant laws the Muslims are forbidden to pay and receive any kind of interest on anything. This created a big barrier for the commercial banks to operate in the Dubai market especially in the mortgage market. The history of Islamic Banking is linked to Egypt but the first modern commercial [...]