ADCB Islamic Banking signs agreement with Sharjah Holding for special home finance offer

Press release

Published February 24th, 2015 - 09:52 GMT

Amr Al Menhali, Executive Vice President and Head of ADCB Islamic Banking and Bader Al Hareb, Chief Property Officer at Majid Al Futtaim Properties Communities Business Unit

Investors in Sharjah’s off-plan real estate market can capitalise on attractive Home Finance thanks to a newly signed agreement between, Sharjah Holding and ADCB Islamic Banking.

The agreement will provide customers looking to purchase property in Al Zahia – Sharjah’s first integrated mixed-use gated community – an opportunity to avail special Home Finance terms through ADCB Islamic Banking.

Al Zahia is one of the projects of Sharjah Holding which was established through a strategic partnership between the Government of Sharjah and Majid Al Futtaim Properties, equally owned by both parties.

With a contemporary, community lifestyle, Al Zahia development – in the heart of New Sharjah – is a freehold project and spans a total area of 1-million sq metres, offering a range of villas, townhouses, low-rise apartments including studios, and commercial mixed-use buildings. In addition to communal areas and retail facilities, Al Zahia is designed to meet the needs of the entire family with areas for recreation, worship and childcare.

On this occasion, Amr Al Menhali, Executive Vice President and Head of ADCB Islamic Banking, said: “We are delighted to have partnered with Sharjah Holding for the pioneering Al Zahia development. The strategic partnership will allow us to extend our Shari’ah compliant financial solutions to customers who desire to own their own home in Sharjah’s first gated community. This tie-up brings together ADCB Islamic Banking’s innovative product suite and service excellence with a world class development from Sharjah Holding. We look forward to working together to provide our valued clients with best-in-class products and services.”

Bader Al Hareb, Chief Property Officer at Majid Al Futtaim Properties Communities Business Unit, said: “Al Zahia heralds a new age for residential living in Sharjah. It embodies the emirate’s traditional values of family, community and culture.

“Through this symbiotic relationship with ADCB, Al Zahia is able to offer more than just bricks and mortar to prospective homeowners. It is a perfect fit that presents potential likeminded homebuyers a financial lending concept that meets their personal and lifestyle needs.”

Background Information

Abu Dhabi Commercial Bank

ADCB was formed in 1985 and today after integration employs over 3,350 people from over 45 nationalities, serving approximately 590,000 retail customers and over 20,000 wholesale clients. It is the third largest bank in the UAE and second largest in Abu Dhabi by assets, at AED 163.7 billion as at March 31st, 2010.

ADCB is a full-service commercial bank which offers a wide range of products and services such as retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate, currency, derivative, Islamic products, project finance and property management services.

ADCB is owned 64.8% by the Abu Dhabi Government through the Abu Dhabi Investment Council. Its shares are traded on the Abu Dhabi Securities Market.

ADCB has won the Silver class category of The Sheikh Khalifa Excellence Award (SKEA) for the finance sector in November, 2009. In February 2010, ADCB won The World Finance Corporate Governance Award for “Best Corporate Governance in the UAE” and was recently named “Best Retail Bank in the UAE and GCC 2010” by The Asian Banker magazine in March 2010.