In a significant move for the Dubai real estate market, Binghatti Holding Ltd has forged a new alliance with Abu Dhabi Islamic Bank (ADIB) to offer Sharia-compliant home financing solutions designed for off-plan property purchases. This partnership marks a pivotal step toward making homeownership more accessible for a broader segment of the population in the UAE, underscoring the growing trend of Islamic financing in the region.
Financing Solutions for Home Buyers
The newly signed Memorandum of Understanding allows potential homeowners to access financing once construction on Binghatti’s developments reaches 35 percent completion. This innovative approach not only supports buyers but also aims to bolster the sustainability of the real estate market in Dubai.
“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,” said Engr. Katranalda BinGhatti, Chief Executive Officer of Binghatti.
Expanding Housing Opportunities
Binghatti currently has a robust portfolio, with 18,600 units under development across 23 projects in various residential neighborhoods in Dubai, including Downtown, Business Bay, and Jumeirah Village Circle. The firm recently celebrated the launch of its 1,600-unit project, Binghatti Aquarise, which drew massive attention with nearly 12,000 attendees at its unveiling in early May.
ADIB plays a crucial role in broadening access to Sharia-compliant home financing options, making it easier for families to own property in the UAE. “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,” remarked Mohamed Abdelbary, Group Chief Executive Officer at ADIB.
Growth and Development Initiatives
Binghatti has seen remarkable success, with sales reaching AED 11.6 billion in 2024—a staggering 161 percent year-on-year increase, fueled by 16 project launches and the delivery of 3,700 units. The developer is known for its collaborative ventures with luxury brands such as Mercedes-Benz and Bugatti, as well as high-profile clients like footballer Neymar Junior and musician Andrea Bocelli.
With over 13 million square feet of land acquired, Binghatti is making waves in the industry with a development value exceeding AED 26 billion. The strategic partnership with ADIB not only enhances Binghatti’s offerings but also signifies a move towards a more inclusive and robust housing market in Dubai, focusing on innovative financing solutions that resonate with Sharia principles.