Tamweel offers lowest interest rate in UAE

25 Jan 2011

(MENAFN) The acting chief executive of Tamweel, the Islamic home finance company, presented a new financing program with only a 4.99 percent interest rate on some properties, which is the lowest interest rate offered in the UAE, reported The National.

The CEO said that Tamweel would thus compete with Abu Dhabi Finance (ADF), which offers loans at the interest rate of 5.75 percent.

The CEO also said that the company is pushing aggressively to gain a place back in the mortgage market after being frozen for two years by the global financial crisis.

It is worth noting that Tamweel froze its activities back in 2008 as a government panel in Dubai began plans to merge it with Amlak Finance. However that plan was aborted when the Dubai Islamic Bank bought a controlling stake in Tamweel last year.

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