Abu Dhabi Islamic Bank (ADIB) Egypt signs a cooperation agreement with New Avenue to provide property financing services to the real estate company’s clients, Invest-Gate reports.

ADIB Egypt will provide New Avenue’s clients with competitive returns and long repayment periods of up to 15 years.

Under the agreement, New Avenue’s clients will be offered various property financing solutions and competitive interest rates for purchases of residential or commercial units.

ADIB Egypt will provide property financing for residential units at a rate of up to 80%, with a value of up to EGP 15 million, to be repaid within a period of up to 15 years.

The bank will also finance buying commercial or administrative real estate units at a rate of up to 70%, and with a value of up to EGP 25 million, to be repaid within a period of up to 10 years

Mohamed Ali, CEO and Managing Director of ADIB Egypt, states: “We have the pleasure to provide our financial services and subsidize companies that contribute to supporting the property finance sector and boost the economic development process in Egypt in general, as we always seek to support the leading companies in this field”.

Ahmed El-Desouki, CEO and Managing Director of New Avenue, comments: “Our cooperation with ADIB Egypt stems from the prestigious position it enjoys as one of the largest banks which provide banking solutions compatible with the provisions of Islamic Sharia.”