Dubai – MENA Herald: Noor Bank, a leading Shari’a compliant bank in the United Arab Emirates, announced that it will offer ‘Commercial Property Finance’ for new as well as existing customers.
Commercial Property Finance is aimed at providing finance to the self-employed and high net worth individuals looking to purchase office space in Dubai and Abu Dhabi. In addition to facilitating the transfer of existing finance that customers may have with other banks, the product will also enable clients wishing to release equity on their commercial properties. This ensures that commercial customers can consider investing in their own properties to save rental expenses in the long term, or buy additional space to cater to their business expansion needs.
Hussain Al Qemzi, CEO, Noor Bank, said: “The Dubai economy continues to experience steady growth, particularly in the SME sector, which is driving strong demand for commercial finance. The launch of our Commercial Property Finance package will enable investors to take advantage of the growing opportunities in the commercial space, or to release equity that can be reinvested in growth.
“While there has been a softening of the housing sector, the commercial real estate market has been relatively resilient especially in prominent locations, given that firms tend to take a medium to long-term view. As a consequence the office market remains active across all business segments. This bodes well for buyers of commercial property, who are likely to see a healthy return on their investment.”
Under the programme, Noor Bank will finance ready commercial property such as offices and retail outlets in Dubai and Abu Dhabi. New clients can apply for a maximum finance amount of AED7.5 million, while existing clients can receive up to AED10 million, with tenors up to 15 years and finance to value of up to 65%.
Commercial Property Finance complements the portfolio of Noor Bank’s innovative and Shari’a compliant financing solutions tailored to match the dynamic and evolving needs of our customers.