Deals of the Week: EIB responds to economic recovery with new offer

Emirates Islamic Bank is offering home finance to buyers in the Jumeirah Park development; plus, Mashreq Bank expands its outlets.

The Jumeirah Park development includes some 2,000 luxury villas. Jeffrey E Biteng/The National

The UAE's property market was given a boost this week after Emirates Islamic Bank (EIB) announced a special home-finance package for property hunters looking to live in Dubai's Jumeirah Park.

The Manzili programme is targeted towards new buyers as well as those who already own a home in the development, which is still under construction.

The profit rate for the home finance deal starts from 5.9 per cent for variable rate options over a maximum term of 25 years, with pre-approval granted in just 24 hours.

Jumeirah Park, a luxury development featuring 2,000 villas of three, four and five bedrooms that launched in 2008, is a Nakheel development that was stalled during the global economic crisis.

Work on the project resumed in the second half of 2010 and in September last year, Ali Rashid Lootah, the chairman of Nakheel, pledged that 8,000 of the company's housing units would be completed in 300 days, with 25,000 workers mobilised to complete the developments. Among the projects mentioned by the chairman was Jumeirah Park.

"The UAE housing market has changed noticeably over the last year and everyone involved in the property market has needed to evolve as a consequence," says Faisal Aqil, the general manager for retail banking at EIB.

"As Dubai witnesses economic recovery, we believe some of the properties have begun to offer compelling value, particularly in prestigious locations like Jumeirah Park, which are nearing completion and offer good value for both end users and investors."

For more information, go to www.emiratesislamicbank.ae.

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Mashreq Bank has put the accelerator on its customer relations initiative by expanding the number of branches that offer its instant banking service to 17.

This means customers in Abu Dhabi, Dubai, Ajman and Sharjah can now open a new bank account in just 30 minutes and receive a chip-enabled debit card and pin number in the time it takes to order a pizza.

The bank rolled out the service - the first of its kind in the UAE - at two of its branches in October last year. With customers responding well to the initiative, the bank then decided to expand the service further.

"This service was launched with one sole goal, which is to offer a ground-breaking, never done before, banking solution in the UAE," says Shakar Zainal, the head of distribution at Mashreq.

"We are proud of the success this initiative has received so far."

Visit www.mashreq.com for more information.