Dubai Islamic Home Finance: The key to your dream home

Dubai Islamic Home Finance is the key to your dream home and we are eager to put this key in your hands. Using the Shirkat-ul-Melk cum Ijarah model, the Bank enters into a partnership with you and helps you in fulfilling your dream of owning a home quickly, conveniently and in a fully Shari’a compliant manner. Whether you want to buy, construct, renovate or simply transform your present home finance of any other bank, Dubai Islamic Home Finance would be the best Sharia-compliant alternative.

Why pay rent when you can use your hard-earned money to invest in your home? “Dubai Islamic Home Finance” is the first consumer product launched by Dubai Islamic Bank Pakistan Limited, which turns your dream into reality and gives you a secure future, today.

Currently Dubai Islamic Home Finance is offering the following product variants:

Home Purchase: Fulfill your dream with a clear conscience! You can become the owner of a new Home/ Apartment through our home purchase product.

Home Renovation (Purchase of Undivided Share): Give your home a new look! Make DIBPL a partner in your existing property by selling a certain undivided share of your property to the bank. The Bank will lease back its undivided share to you. You can get financing upto 60% of property value.

Purchase of Undivided share of Property Mortgaged by other banks (Balance Transfer): Always wanted to own your home the Shari’a compliant way? DIBPL will help you get rid of your interest-based home finance at any Conventional bank by purchasing an undivided share in your property and leasing it back to you for monthly rentals. The option can also be availed for residential properties financed by other Islamic banks.

Construction Finance: Always wanted to construct your dream home? Now DIBPL will help you in fulfilling your dream. In Construction Finance, you will sell an undivided share of your currently owned plot (on which construction is to be carried out) to DIBPL from time to time thus forming a joint-ownership or Shirkat-ul- Melk in the plot (“Asset”). DIBPL would then lease its undivided share in the Asset to you through a Lease Agreement. You will start paying monthly rentals from the date of signing of the Lease Agreement. At the time of each sale of undivided share of the Asset (i.e. for each tranche disbursement), the bank’s ownership share in the Asset will increase and subsequently an addendum to the Lease Agreement will be executed between you and the bank. Financing for construction of residential property will be provided by the Land already owned by your good self.

Pricing Mechanism / Rental Rate Criteria

Dubai Islamic Home Finance is a variable rate product i.e. the rental rate is linked with revisable Karachi Interbank Offered Rate (KIBOR) which shall be revised after every six or twelve months from the date of contract booking depending upon your chosen renewal option.

Applicable Profit Rate = Relevant KIBOR + Margin

The prominent features of the Pricing Mechanism of the Dubai Islamic Home Finance are further explained in detail as follows:

1. The variable rental is based on a benchmark KIBOR + a predefined margin.
2. The variable rental and the rental payment schedule, which will be offered to you at the time of contract booking, shall be valid for six or twelve months only depending upon your chosen renewal option.
3. The variable rental is (annually or semi-annually) renewable. It is renewed based on the prevailing KIBOR rates at the time of renewal. In other words the rental rate is linked with revisable KIBOR rate which shall be revised after every six or twelve months from the date of execution of the Payment Agreement.
4. The predefined Bank’s margin remains constant throughout the financing period. However, the KIBOR may increase or decrease based on market rate movement which can change the rental amount at renewals only.

What makes Dubai Islamic Home Finance the right choice?

There are so many reasons that make Dubai Islamic Home Finance the right choice!

• Sharia compliant
• Financing of up to 70% of your property’s price
• Financing of Up to Rs. 75 Million
• Swift Application Processing
• Affordable and competitive monthly rentals
• Early & Partial settlement (purchase) options as per relevant terms
• Complimentary Property Takaful

To know more about the Dubai Islamic Business Finance Products, please call DIBPL Phone Banking at 111-786-DIB (342). You may also visit or contact our dedicated personnel/representatives at the following address and contact numbers:

City : Karachi
Dir Tel : 021-35203674
Address: : Karim Chambers CL5, 6/2 Civil Lines Karachi

City : Lahore
Dir Tel : 042-5788836
Address : Gulberg Branch 10K Main Boulevard Gulberg II Lahore.

City : Faisalabad
Dir Tel : 041-8555471
Address : 575-B, Millat Plaza, People’s Colony, Satiana Road, Faisalabad

City : Rawalpindi/Islamabad
Dir Tel : 051-4852081
Address : 67A Satelitte Town Murree Road Rehmanabad.

For more details, visit our nearest Sales & Service Centre or Branch or contact at 111-786-342 / email cmrcs@dibpak.com