Abu dhabi: First Abu Dhabi Bank (FAB) has formed a significant partnership with the Abu Dhabi Housing Authority (ADHA) to provide government-subsidised Islamic home financing to eligible Emirati citizens through its Islamic and National Housing Loan (NHL) divisions. This initiative supports the UAE's "Year of Community" campaign, aiming to bolster family financial stability and promote sustainable homeownership nationwide.
According to Emirates News Agency, this strategic collaboration establishes FAB as a primary financial partner for ADHA beneficiaries, offering a fully digitalised housing solution. Eligible customers will have access to secured FAB NHL loans and additional Shari'ah-compliant home financing from FAB Islamic at competitive profit rates starting at 3.89% fixed for five years. The Abu Dhabi government will subsidise 50% of the profit rate on the additional Islamic home financing up to AED 500,000, with financing beyond this cap provided at the lowest available market rate.
The partnership aligns with ADHA's mission to empower UAE nationals with affordable housing, in line with the government's vision of enhancing community wellbeing through strategic private sector collaborations. FAB offers exclusive value-added benefits to ensure a seamless home finance experience. These include dedicated home finance centres, direct access to expert relationship managers, an instant digital application process through the FAB NHL app, and flexibility in partially settling finance throughout the period.
In addition, new customers transferring their salary to a FAB Islamic Savings Account or obtaining a FAB Emirati Islamic Credit Card will receive AED 10,000 in cashback rewards, along with a waiver of fees for the first year. The collaboration also allows for the same competitive rate to apply for Islamic home finance amounts above AED 500,000, ensuring affordability across different financing sizes.
Jasim Al Hammadi, Director of Loans and Benefits at the Abu Dhabi Housing Authority, emphasized the Authority's commitment to offering housing solutions tailored to the diverse needs of Emirati families. This partnership with FAB reflects ADHA's dedication to promoting long-term family stability through financial solutions.
Fahad Al Shaer, Head of FAB Islamic, highlighted FAB Islamic's commitment to creating strong community partnerships and delivering Islamic banking solutions that support Emirati homeownership. The collaboration with ADHA reinforces this commitment by offering a simplified and Shari'ah-compliant financing solution that aligns with the UAE's vision of community empowerment.
Khaled Alzaabi, Head of FAB National Housing Loans, added that the partnership with ADHA aims to ease financial pressures and enhance housing solutions for Emirati citizens, contributing to a more inclusive and empowered community.