Why Islamic mortgage loan is important?

There is nothing special taking loan services from a bank in UAE because it’s a routine based tasks for baking staff and also for the borrowers. The point to understand here is a type of loan being provided by Islamic banks which is completely different at 180 angles with the services provided by commercial banks in Dubai. Now you have two open options – Dubai Islamic loan from any Islamic bank according to the rules and regulations set by Sharia and second, you can go for a traditional bank/conventional bank for any loan service.

Let me clear you’re the difference one by one. First of all Islamic loan is basically held as an interest-free account for all kinds of account holders including locals as well as foreigners as we can see through the sharia’s low window that profiting via interest on one’s money is strictly prohibited in Islam. For all Muslims, it is obligatory to make sure their money comes from dealings of free interest rate systems. Besides the interesting part, there is another important point is to explore the areas where your money is invested like if you are using a bank account which is only used for a business purpose, your money shouldn’t be used in any deals which are working on interest rate system.

In the UAE, the popularity of Islamic banks is quite high among the majority of the population and an Islamic account is best suited for people who don’t what to take interest in their savings.   The ideal situation for an expatriate is to get loan offers and pay back the exact amount of loan in easy installments without any interest rate. Now we will explain some important points which are in favor of the Islamic loan system and other services.

•            Mortgage loan – Islamic bank vs commercial bank
•           Interest rate – you want to work through an interest-free loan package or you want to go   with interest rate system.
•           Easy option – while dealing with the paperwork and written agreement, which  option would be the best choice?

UAE banks with a mortgage loan offer

If you are looking for a UAE mortgage loan, it can be availed in an easy way especially expatriates can take this option with simple requirements. If you are an expatriate in the UAE and working in a company, you may think about your own property like a home. This is what you can call as this is my home sweet home. Is it possible to buy a home within a fixed salary package? I don’t think so but you may disagree with me.

Well, I have a choice for you either you can take a mortgage loan from a commercial bank or an Islamic bank. The working of this is amazingly smooth because there is no fixed interest rate that would need to pay back in a specified time period while dealing through an Islamic account. But the amount of profit gained from the money invested from your account will be shared between the borrower and the lender on an equal basis.