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Tamweel launches home refinancing option
Tamweel has launched a new home refinancing product that allows customers to convert the equity of their home into investable liquidity, it was announced yesterday.
The new product, Soyoula (Arabic for ‘liquidity') is shariah-compliant and provides financing to both resident and national property owners in the UAE.
Under the sharia-compliant terms of the offer, individuals who own freehold or private property that is free of lien or mortgage may seek refinancing against the value of their home.
"The introduction of Soyoula comes at a time of increasing maturity in the UAE property market, and is designed to meet the long-term investment needs of a stable class of homeowners," said Adel Al Shirawi, CEO of Tamweel.
"[Sharia-compliant home refinancing] will provide a range of benefits for individuals, including the opportunity to diversify their investments," he added.
The move follows Tamweel's introduction of Yusr, the world's first shariah-compliant Adjustable Repayment Mortgage.
"The essence of Soyoula is freedom: rather than leaving the value of their home locked up in a fully-owned property, Soyoula provides the opportunity for homeowners to invest in what they want, when they want," said Nabil Abou Alwan, head of marketing and product development at Tamweel.
Islamic home financing is becoming an internationally-acceptable product. Accoridng to MENAFN, the Islamic mortgage market in the UK is set to reach £1 billion by 2009.
And according to the UK Treasury, since 2003 the Islamic mortgage market has grown to over £500 million - an increase of about 50% in the last year alone.
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