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."
No comments:
Post a Comment