Sunday, 19 April 2009

Shortage of Shariah-compliant realty financing in UAE

There is a shortage of Shariah-compliant real estate financing in the market as Amlak and Tamweel are not lending because of the liquidity crisis, say real estate experts.

"Islamic funds for developers and end-user property purchasers have become scarce with the two Islamic institutions not providing funding," said Sohail Zubairi, CEO of Dar Al Sharia Legal & Financial Consultancy, a subsidiary of Dubai Islamic Bank.

"This is forcing those in need of funding to approach Islamic banks for whom real estate financing has never been a core activity in the same way it was for Amlak and Tamweel."

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