Noor Bank, a Shari’a-compliant bank in the UAE, said it has signed a partnership deal with Damac Properties, a leading luxury real estate developer in the region, to offer attractive financing options for select residential units.

As per the agreement, Noor Bank will provide preferential terms for end-user financing to residents as well as non-resident clients.

The bank has also established a dedicated team for Damac’s customers that will ensure the highest quality of service delivery, stated Pawan Dhawan, the head of home finance at Noor Bank, after signing the deal with Niall McLoughlin, senior vie-president at Damac Properties.

"Through tying in with a renowned regional developer, Noor Bank once again enhances its competitive offering of home financing solutions. Our collaboration with Damac allows UAE national and expatriate customers to benefit from some of the most competitive prices for high-end residential units in the market," explained Dhawan.

"We are confident that this bundled proposition will attract high net-worth Individual clients who will benefit from this offering," he added.

On the Noor partnership, McLoughlin said: "In the UAE, investors and end-users continue to find the property market attractive with higher long-term returns than other comparable markets. The real estate industry represents one of the main pillars of the UAE’s economy, which is to a considerable extent driven by foreign investment."

"With institutions such as Noor Bank easing up home finance for end-user residents and non-residents looking to buy property in the UAE, we could see a further boost in the UAE property market and the country’s economy at large, helping the emirate maintain the interest of foreign investors who are an indispensable catalyst for market growth," he added.

Noor Bank and Damac concluded their first joint campaign promoting favourable home finance solutions, on February 4 at an exclusive event at the Damac Hills in Dubai.

In addition to preferential pricing, the bank offered personalised service, discounted processing fees, and many other benefits to buyers of select Damac luxury residential units.

The luxury developer, on the other hand, offered a waiver of up to Dh50,000 ($13609) on the price of the property, as part of the event.-TradeArabia News Service