Al Islami Home Finance - Forward Ijarah (Forward Lease) - Under Construction Property
This is a forward dated Ijarah (lease) contract wherein the customer enters into a lease agreement with the Bank for a property to be delivered at a future date. This product is offered to customers interested in a property under construction.
Dubai Islamic Bank will take over the developer's payment schedule and all payments will be made directly to the developer over the construction period.
Once the construction is complete, the product works exactly like an Ijarah product. The payments to the Bank start after the property is handed over to the customer.
Features:
- Finance available up to 90% of property value
- Finance value up to AED 10 million
- Flexible tenure up to 25 years
- Salary transfer not required
- Installments start only after completion of the property
- Islamic Insurance available
- Competitive profit rates