The Ministry of Energy and Infrastructure signs 4 memoranda of understanding to facilitate supplementary loan financing

Monday, July 12, 2021

The Ministry of Energy and Infrastructure, in the presence of His Excellency Suhail Al Mazrouei, Minister of Energy and Infrastructure, concluded 4 memoranda of understanding with: Emirates Development Bank, Emirates Islamic Bank, Dubai Islamic Bank, and Ajman Bank in order to facilitate the process of financing supplementary loans “value differences between the program loan and the housing value” for the citizens benefiting from the Sheikh Zayed Housing Program.

The memoranda aim to enable citizens to obtain competitive prices for complementary loans, and the agreements included the beneficiaries' obtaining a reduction in interest rates, in addition to reducing and eliminating some administrative fees.

The memorandums of understanding were signed at the Ministry of Energy and Infrastructure headquarters by H.E Eng. Jamila Al-Fandi, Director of the Sheikh Zayed Housing Program from the Ministry, and on behalf of the Emirates Development Bank Mr. Ahmed Al-Naqbi, CEO, and on behalf of Emirates Islamic Bank, CEO Mr. Salah Amin, and on behalf of Dubai Islamic Bank, Varun Sood, Head of the Home Finance; and on behalf of the Ajman Bank the CEO Mr. Mohamed Amiri.

- Unifying the efforts

His Excellency the Minister explained that the signing of these memorandums aims to unify efforts to serve the citizens who benefit from the services of the program by providing banking facilities for housing financing, and searching for the successful solutions that would reduce the financial burdens on the beneficiaries, praising the role of the national banks in enhancing the stability of Citizen families, supporting the welfare and quality of life system, contributing to meeting the current and future housing needs, reducing the time for beneficiaries to receive their homes, and enabling them to receive their homes through the financing programs with the banking sector.

 - The development axis

H.E Engineer Jamila Al-Fandi said, “The serious work for serving the UAE citizens stems from the belief of the Ministry of Energy and Infrastructure, headed by His Excellency Minister Eng. Suhail Al Mazrouei, that the Emirati citizen is the centerpiece of development and a fundamental pillar in achieving sustainable development, which the UAE government seeks and the country is a forerunner in presenting future visions of a modern housing concept for citizens; aiming to provide modern housing that meets the needs of the future generation and achieves happiness and quality of life. This will contribute to the smooth and efficient transit of the country for the next 50 years, full of achievements, excellence and leadership in the various indicators”.

- Innovative solutions

Mr. Ahmed Mohammed Al Naqbi, CEO of the Emirates Development Bank, said that the bank is committed to achieving its goals of providing adequate housing for citizens and helping them to own their own home by providing financing programs for citizens' housing, enabling them to buy or build their own house.

For his part, Mr. Salah Amin, CEO of Emirates Islamic Bank, said: “We are pleased to continue our partnership with the Sheikh Zayed Housing Program and the Ministry of Energy and Infrastructure, assuring our firm commitment to providing innovative home financing solutions to the citizens of the country”.

Mr. Varun Sood, Head of Home Finance at Dubai Islamic Bank, said: “On behalf of Dubai Islamic Bank, I am pleased to express our deep appreciation and the pride of our institution to be associated with the name of the esteemed Sheikh Zayed Housing Program. At Dubai Islamic Bank, we are keen to serve our customers who are the citizens of UAE in the best possible way”.

Mr. Mohamed Amiri, CEO of Ajman Bank, said: “As part of our constant endeavors to strengthen our commitment to supporting the local Emirati community, we are pleased to announce the conclusion of a partnership agreement with the Sheikh Zayed Housing Program to provide innovative, high-quality and affordable housing services to the citizens of the United Arab Emirates.”

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