Noor Islamic offers mortgages on Dubai property to non-UAE residents | The National

Noor Islamic offers mortgages on Dubai property to non-UAE residents | The National:

"Noor Islamic Bank, a Dubai-based lender that abides by Sharia principles, said it had started offering mortgages for non-UAE residents in the GCC and most G20 countries to tap a burgeoning international interest in Dubai real estate.

The offering, which began several months ago, has been particularly well received by residents of Saudi Arabia and other GCC countries, said John Chang, the head of consumer banking at Noor Islamic. The so-called profit rate, the equivalent of interest rates at conventional banks, is 5.75 per cent for non-residents.

Mr Chang downplayed concerns that a bubble may be forming in the property market in Dubai, with prices increasing more than 30 per cent this year."

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