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Sunday, 6 January 2008

Emirates Islamic Bank to finance the ETA Star 'Centre Court' project

Emirates Islamic Bank, one of the leading Islamic banks in the UAE, announced the signing of a Memorandum of Understanding (MOU) with ETA Star Properties, one of the fastest growing players in the property market in the UAE.
This new agreement will entitle ETA Star customers to avail financing of up to 97% for the prestigious 'Centre Court' project in Jumeirah Village. The agreement was signed between Mr. Faisal Aqil, General Manager Retail Banking, Emirates Islamic Bank and Mr. Abid Junaid, Executive Director, ETA Star Properties. Speaking on the occasion, Mr. Faisal Aqil, said,
'We are very pleased to have this strategic alliance with ETA Star which is bound to be mutually beneficial. It also is a reinforcement of EIB's leading position in the home finance market with leading developers opting to tie up with EIB. Choosing the right finance product is one of the most important and significant steps when one is buying a property. We believe that our Manzili Home Finance product is the best match for meeting this key objective as also validated by the rapidly increasing popularity of the EIB products.'Mr. Abid Junaid, Executive Director, ETA Star Properties commented: 'We at ETA Star Properties recognized the importance of providing the best financing opportunities to our existing and future customers. By this agreement this objective will be further met. The best part is that they will be entitled to a 97% financing for our 'Centre Court' project in Jumeirah Village, which is the best offer in the market'. 'Manzili Home Finance' is one of the most successful products in the Emirates Islamic Bank portfolio. It stands out from other home finance products thanks to the choice of three unique home finance solutions under this umbrella. Emirates Islamic Bank's 'Manzili Home Finance' comes with unique benefits such as competitive and attractive profit rates, financing tenures up to 25 years, minimal documentation, speedy approvals, low processing fees, in addition to numerous other benefits. ETA Star is currently developing over 30 million square feet in countries across the Middle East and South East Asia. All ETA Star Property projects have unique design features, high quality finish and world class amenities. Centre Court is a mixed-use project with residential and retail units forming a private community. The development comprises of retail units on the ground level and residential units for 4 levels with a total built up area of 319,600 Sq.ft. --(AMEInfo, 6 Jan 08)

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