- October 30, 2007:
Emirates Islamic Bank, one of the leading Islamic Banks in the UAE and Hydra Properties one of UAE's fastest growing real estate development companies, announced the signing of a Memorandum of Understanding (MOU). This agreement is expected to establish a strategic partnership enabling customers of Hydra Properties to avail of Emirates Islamic Bank’s Home Finance solutions.
The signing of the MOU took place at EIB head quarters in Dubai and was attended by Mr. Faisal Aqil, General Manager Retail Banking at EIB and Dr. Sulaiman Al Fahim CEO of Hydra Properties.
Expressing his views on signing of the agreement, Mr. Faisal Aqil said: “Our experience has reinforced our upbeat view on the ever growing demand for property ownership in the UAE. Purchasing a property in the UAE has become very essential for living and almost a norm. Consequently, EIB has spared no effort to provide the property buyers with extensive and customized solutions aligned to their individual needs. From here comes our agreement with Hydra Properties where interested buyers will have a wide choice to buy in residential projects and with an unsurpassed home finance product and service offering.”
Dr. Sulaiman pointed out the importance of this agreement by saying: “We are very pleased with signing this agreement with such a reputable bank as Emirates Islamic Bank. With this agreement, EIB will be the first Islamic bank to offer its finance services to our clients and we expect this agreement to be just a beginning of a very long and strategic partnership”
Emirates Islamic Bank offers Manzili Home Finance one of the most competitive Sharia’h compliant home finance programs in the market as it offers higher finance amounts, competitive profit rates, longer repayment periods, low down payment, speedy approval and much more.
Launched in mid 2006 Hydra Properties is aimed at launching and expanding a significant number of multi-purpose property projects targeting residents, businessmen & tourists in the UAE. Hydra Towers, Eves Tower, Hydra DownTown Tower, Hydra Twin Towers and Hydra Village and other projects are but a few examples of Hydra Properties' ever-growing realty portfolio, which includes mega projects that will soon be icons in the real estate market.