Amlak Finance PJSC, the publicly listed Islamic finance company and pioneer in home finance in the UAE, has announced that its recently launched Amlak Bonus, a refinance scheme for property owners, had attracted an overwhelming response with properties worth Dh450 million having been refinanced in less than two months.
Mohammed Ali Al Hashimi, Managing Director and Chief Executive Officer of Amlak Finance said: "We are very pleased with the impressive response to our refinance scheme. This reflects the amount of trust our customers have in us. Our successful track record as a leading home finance provider and our consistent efforts at innovation in designing our products have made this possible."
The Amlak Bonus refinancing scheme was part of Amlak’s repositioning campaign, which focussed on the many unique and innovative finance products that Amlak had on offer.
The scheme provides property owners with a dependable source of high liquidity by borrowing against the increased value of equity in their home. Though equity release loans are a commonplace in Western countries, it was new to the Dubai property market when Amlak introduced it.
"The scheme is of immense benefit to people who want to turn their assets into viable sources of income for requirements like debt-servicing, and investment in other properties. The scheme allows property owners to enjoy the capital appreciation in their property without selling it to another party. They continue to live in the same home while taking advantage of the appreciation in its price,” explained Al Hashmi.
