Thursday, April 10, 2008

UAE mortgage market to witness a major leap

The mortgage market in UAE will witness a major leap from Dh.20bn to Dh.64bn towards end of this year, over a span of next three years, with more than 60 percent of home finance getting Sharia-compliant, revealed the officials.

Sabahuddin Azmi, Specialist in Islamic banking and finance, revealed that UAE housing market had an outstanding credit of Dh.17billion towards end of 2006, and is now expected to touch Dh.20bn towards end of 2008. This may rise even further by 2011, with a surge in real estate activities, touching Dh.419bn during this period.

Azmi said that Amlak Finance and Tamweel, both Sharaia-compliant companies are dominating the UAE housing finance market at present, with 35 percent and 25 percent shares respectively.
Azmi was speaking during the concluding day of the two-day summit, involving international panel of thirteen financial experts, who were discussing the differences between Western family wealth management policies and Islamic Sharia-compliant principles.

The summit was held under the patronage of Shaikh Saud Bin Saqr Al Qasimi, the Crown Prince and Deputy Ruler of Ras Al Khaimah.

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