The UAE Ministry of Energy and Infrastructure (MoEI), represented by the Sheikh Zayed Housing Program (SZHP), has signed a Memorandum of Understanding (MoU) with Ajman Bank, the first Islamic bank incorporated in Ajman.
The agreement aims to provide enhanced home finance solutions to the program’s customers. This partnership will streamline the financing process and support the UAE’s mission of providing sustainable housing options for its citizens.
Under the partnership, Ajman Bank will offer housing loans to the beneficiaries of the Sheikh Zayed Housing Program for residential properties in the UAE. Additionally, the bank will provide personal finance, vehicle finance and other services related to the management and investment of the program’s funds.
Ajman Bank is the fifth financial institution to join this landmark initiative, following Abu Dhabi Islamic Bank, Abu Dhabi First Bank, Dubai Islamic Bank, and Emirates NBD.
Mustafa Al Khalfawi CEO – Ajman Bank
“We are pleased to collaborate with Sheikh Zayed Housing Program, the Ministry of Energy and Infrastructure, and the Ministry of Finance to provide comprehensive home finance solutions for UAE citizens. This strategic partnership reflects our unwavering commitment to the UAE’s national agenda of facilitating access to easy funding for Emirati nationals to enhance their lifestyle.”
Mohammed Al Mansoori, Director-General of the Sheikh Zayed Housing Program, commented that, “The program translates the directives of the wise leadership by developing its services and working relentlessly to provide decent houses for eligible Emirati families. We are delighted to partner with Ajman Bank to fulfil our aspirations in ensuring adequate quality housing for UAE nationals. It will allow us to diversify the financing options for projects that meet our standards while increasing the pace, scale and quality of delivering new homes.”
