Emirates Islamic Bank (EIB) has opened up the nation's mortgage market by introducing 100 per cent home loans for Emiratis.
The Bina'a home finance solution is the only mortgage product currently on offer in the UAE that fully covers the financing of a new home. The Sharia-compliant deal comes with a variable rate starting from 4.99 per cent and pre-approval within 24 hours.
Emirati customers also have the option of a five-year fixed rate starting from 5.99 per cent and can apply for a loan for completed properties as well as new developments.
"The Bina'a solution was developed specifically to address the needs of Emiratis who aspire to owning their dream home," says Faisal Aqil, the general manager of retail banking for EIB.
"The mortgage loans are simple and hassle-free, which only leaves customers with deciding which property to buy or [the] location to build their perfect home."
Bina'a, which is Arabic for "to build", also includes benefits such as no processing fee for buyouts, a 60-day instalment deferment and a cash-release option from completed properties.
For more information, go to www.emiratesislamicbank.ae.
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Mortgages are certainly the flavour of the moment, with Emirates NBD (ENBD) also announcing an expansion of its home loan portfolio. The nation's biggest bank by assets announced this week it is now offering home loans to expatriates living in the UAE as well as Emiratis.
Available for a limited period only, the package includes interest rates from 4.49 per cent and the option to fix rates and instalments for up to seven years. The deal also comes with a 50 per cent discount on processing fees, a free property valuation and free life, property and home contents insurance for the first year.
"With the stabilisation of the residential freehold property market and the growth in the economy, more and more expatriates are looking to buy a property," says Shekhar Krishnamurthy, the head of retail assets and liabilities at ENBD. "This special offer on mortgage loans for expatriates has been developed in response to the evolving needs of our customers and will offer them a variety of convenient home financing solutions to choose from."
Employed and self-employed expats can borrow up to 85 per cent of the property value with this offer and those with existing mortgage deals can transfer. Those wishing to raise some cash can also apply for the bank's Loan Against Property option.
Go to www.emiratesnbd.com for details.
pf@thenational.ae
UAE currency: the story behind the money in your pockets
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
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Gran Gala del Calcio 2019 winners
Best Player: Cristiano Ronaldo (Juventus)
Best Coach: Gian Piero Gasperini (Atalanta)
Best Referee: Gianluca Rocchi
Best Goal: Fabio Quagliarella (Sampdoria vs Napoli)
Best Team: Atalanta
Best XI: Samir Handanovic (Inter); Aleksandar Kolarov (Roma), Giorgio Chiellini (Juventus), Kalidou Koulibaly (Napoli), Joao Cancelo (Juventus*); Miralem Pjanic (Juventus), Josip Ilicic (Atalanta), Nicolo Barella (Cagliari*); Fabio Quagliarella (Sampdoria), Cristiano Ronaldo (Juventus), Duvan Zapata (Atalanta)
Serie B Best Young Player: Sandro Tonali (Brescia)
Best Women’s Goal: Thaisa (Milan vs Juventus)
Best Women’s Player: Manuela Giugliano (Milan)
Best Women’s XI: Laura Giuliani (Milan); Alia Guagni (Fiorentina), Sara Gama (Juventus), Cecilia Salvai (Juventus), Elisa Bartoli (Roma); Aurora Galli (Juventus), Manuela Giugliano (Roma), Valentina Cernoia (Juventus); Valentina Giacinti (Milan), Ilaria Mauro (Fiorentina), Barbara Bonansea (Juventus)
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'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
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