Ajman Bank and Meydan Sobha enter into strategic alliance

Ajman Bank in Dubai Ajman Bank, the award-winning Islamic financial services institution, has entered into a strategic agreement with Meydan Sobha Group to provide its customers with financing for villas located in Mohammed bin Rashid City - District One. The tie-up reflects Ajman Bank's commitment to ensure that its customers' needs are met and is in line with its objective to offer superior home financing solutions while supporting prestigious developments in the buoyant real estate market.
In a joint statement outlining details of the agreement between the two companies, Ajman Bank EVP - Head of Retail Banking, Salem Al Shamsi, stated: "We are pleased to partner with Meydan Sobha in this landmark development. Our aim is to support our customers by providing them with unique and simple home finance packages as well as the growing real estate sector by strategically identifying the market's needs. This is evident from our very attractive and highly flexible Sharia-compliant home finance solutions being offered for this project with up to AED10m finance and profit rates as low as 4.49% per annum." Meydan Sobha CFO, Manish Sharma, said, "This tie-up is a reflection of the trust that leading banks like Ajman Bank and investors have bestowed on Meydan Sobha's development. We are pleased to partner with Ajman Bank and look forward to further growing this association in the near future." Mohammed bin Rashid City - District One is a bespoke freehold community of villas set among a backdrop of parks and crystal lagoons in the heart of Dubai and is positioned to appeal to a wide range of homeowners.
Source: WAM