First Abu Dhabi Bank partners with Abu Dhabi Housing Authority to offer Sharia-compliant home loans for Emiratis, where half of the profit is covered by the government.

Abu Dhabi: In a significant development, First Abu Dhabi Bank, through its Islamic Banking Services and the Citizen Housing Loans Division, has forged a strategic partnership with the Abu Dhabi Housing Authority. This collaboration aims to provide additional Sharia-compliant home financing options for eligible Emiratis, with the government covering 50% of the profit rate.

These financial services align with the "Year of Community" priorities in the United Arab Emirates, aiming to bolster financial stability for Emirati families and support sustainable homeownership in Abu Dhabi. This strategic partnership cements the bank's status as a key financial partner for citizens benefiting from housing authority services by offering comprehensive digital housing solutions. The Islamic real estate financing is based on an Ijarah system that adheres to Islamic principles, featuring competitive fixed profit rates starting at 3.89% over five years.

Government Coverage of Profits
Under this agreement, the Abu Dhabi government will cover 50% of profits on additional financing up to AED 500,000. If funding exceeds this specified amount, customers will enjoy the same profit rate, providing them with greater financial flexibility and enhanced security.

This new financial solution supports the authority's efforts to empower UAE citizens by aiding them in acquiring affordable homes. It aligns with governmental objectives to enhance community well-being through strategic partnerships with private sector entities.

In addition to subsidizing part of the profits, qualifying clients are offered exclusive benefits designed to ensure a seamless home financing experience. These advantages include direct access to dedicated client relationship managers at the bank’s mortgage centers and a specialized team along with a dedicated hotline for post-sale services. Clients are also exempted from certain finance-related fees and can complete their citizen housing loan procedures via the FAB NHL app using UAE PASS without needing branch visits.