Dubai developer Binghatti Holding Ltd has signed a Memorandum of Understanding with Abu Dhabi Islamic Bank (ADIB) to provide customers with Sharia-compliant home financing solutions for off-plan property purchases.
The agreement will enable homeowners to secure financing once construction reaches 35 per cent completion across Binghatti’s development projects.
“This innovative Islamic financing solution is a game changer for our industry and will continue to support the growth of off-plan sales and the sustainability of the real estate market. We expect to be able to offer our growing customer base a lower threshold to access financing across our projects under development in Dubai and a way to benefit from market appreciation. We have a strong relationship with ADIB over many years and are delighted to be working together to support the evolution of home financing,” Engr. Katranalda BinGhatti, Chief Executive Officer, Binghatti said.
ADIB and Binghatti partnership
Binghatti currently has 18,600 units under development across 23 projects in residential areas across Dubai, including Downtown, Business Bay, Jumeirah Village Circle, Al Jaddaf, Dubai Science Park, Dubai Production City and Sports City.
The developer launched its 1,600-unit project, Binghatti Aquarise, in early May at an event at the Coca-Cola Arena with nearly 12,000 people in attendance.
Binghatti operates an in-house business model comprising design, build and materials sourcing.
“ADIB continues to play a pivotal role in expanding access to home financing in the UAE, empowering more individuals and families to take their first step into being property owners. This partnership with Binghatti reflects our shared vision of enabling homeownership by providing innovative Sharia-compliant solutions. Together, we aim to deepen the real estate financing market in the UAE by unlocking greater affordability and financial inclusion,” Mohamed Abdelbary, Group Chief Executive Officer at ADIB added.
In 2024, the company recorded sales of AED 11.6 billion, representing a 161 per cent year-on-year increase, driven by 16 project launches and the delivery of 3,700 units.
The developer has collaborated with luxury brands including Mercedes-Benz, Bugatti, and Jacob & Co., and has worked with clients including footballer Neymar Junior and musician Andrea Bocelli.
Binghatti has acquired over 13 million square feet of land, with a development value exceeding AED 26 billion.
