- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:24 06:42 12:10 15:09 17:32 18:50
Emirates Islamic, one of the leading Islamic banks in the UAE, has launched ‘Financing Against Shares’ scheme whereby its customers who invest in Shari’a compliant equities can access financing secured against their equity investments with easy repayment plans.
The repayments are either on a monthly or quarterly basis, with principal recovery at the maturity of the finance, the bank said in a media statement.
“We are optimistic that our unique new product will benefit our customers to better manage their finances and at the same time make the best of the opportunities available in the share market,” said Faisal Aqil, Deputy CEO, Consumer Wealth Management, Emirates Islamic.
The loan scheme enables customers to secure finance of up to 50 per cent of the value of their Shari’a compliant shares portfolio, with profit rates starting from 3.5 per cent flat per annum.
Accordng to the bank’s statement, processing and Takaful fees are nominal and customers have the flexibility to reinvest the liquidity or utilise it as per their requirement.
The product allows trading of under lien shares to maximise the portfolio’s performance, and customers have access to free current or savings account without monthly minimum balance, it added. In order to be eligible for the scheme, customers must have a minimum investment of Dh200,000.
[Image via Shutterstock]
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