Abu Dhabi – Mubasher: Dubai’s leading developer Binghatti Holding Limited has signed a deal with Abu Dhabi Islamic Bank (ADIB) to deepen its customer base by offering Sharia-compliant home-financing solutions, including off-plan property purchases.
Under the memorandum of understanding (MoU), the two parties will enable homeowners to secure home financing solutions once construction of a project reaches 35% completion, according to a press release.
Katranalda BinGhatti, CEO of Binghatti, commented: “We expect to be able to offer our growing customer base a lower threshold to access financing across our projects under development in Dubai and a way to benefit from market appreciation.”
Mohamed Abdelbary, Group CEO at ADIB, said: “This partnership with Binghatti reflects our shared vision of enabling homeownership by providing innovative Sharia-compliant solutions. Together, we aim to deepen the real estate financing market in the UAE by unlocking greater affordability and financial inclusion.”
Binghatti currently has 18,600 units under development across 23 projects in prime residential areas across the City, including Downtown, Business Bay, Jumeirah Village Circle, Al Jaddaf, Dubai Science Park, Dubai Production City, and Sports City.
The company recorded 161% year-on-year (YoY) higher sales at AED 11.60 billion in 2024, driven by 16 successful project launches and the delivery of 3,700 units.
In line with its growth plans, Binghatti recently acquired more than 13 million square feet (sqft) of prime land, with a development value exceeding AED 26 billion.
During the first quarter (Q1) of 2025, ADIB recorded an annual increase of 18% in net profit after tax to AED 1.71 billion, compared to AED 1.45 billion.
