May 27, 2024

ADIB Egypt and New Avenue join hands for property financing

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A cooperation agreement between ADIB Egypt and New Avenue to provide distinguished programs for property financing
A cooperation agreement between ADIB Egypt and New Avenue to provide distinguished programs for property financing

Abu Dhabi Islamic Bank (ADIB) signed a cooperation agreement with New Avenue, a leading  Real Estate Co., to provide property financing services to the company’s clients with competitive returns and repayment periods of up to 15 years to new and existing clients. This agreement comes in light of the strategy of “ADIB Egypt”, which is to provide banking solutions and financing methods aimed at facilitating its customers and benefiting from property financing services.

Under the agreement, the “company” clients will benefit from many property financing solutions and competitive interest rates, whether it is to buy residential or commercial units. ADIB Egypt will provide property financing for residential units at a rate of up to 80 percent, with a value of up to EGP15 million, to be repaid within a period of up to 15 years, and commercial or administrative real estate financing at a rate of up to 70 percent, and with a value of up to EGP 25 million, to be repaid within a period of up to 10 years

Mohamed Ali, CEO and Managing Director of ADIB Egypt


Mohamed Ali, CEO and Managing Director of ADIB Egypt, stated: “We have the pleasure to provide our financial services and subsidize companies that contribute to supporting the property finance sector and boost the economic development process in Egypt in general, as we always seek to support the leading companies in this field”.

Commenting on this, Ahmed El-Desouki, CEO and Managing Director of “New Avenue Co.”, said: “We have always been keen, at New Avenue, to work with the most prominent institutions in various fields to provide our clients with the best services and the highest levels of efficiency and quality. Our cooperation with ADIB Egypt stems from the prestigious position it enjoys as one of the largest banks which provide banking solutions compatible with the provisions of Islamic Sharia.”

ADIB Egypt is keen to provide a package of various financing programs that are compatible with the provisions of Sharia, which meet the needs of different segments of clients, and contribute effectively to pumping the necessary financing for various sectors, to boost the economy and achieve comprehensive economic development programs. On top of these programs, ADIB Egypt provides “Tamleek” financing for property financing, with the easiest and simplest procedures.

Source

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