The new products are available under three Islamic concepts; Goods Murabaha, Service Ijarah (Manfa’) and Tawarruq, and are available to all customers across the UAE.
These products cater to the needs and those customers seeking Sharia’h complaint banking personal finance and are available to both UAE Nationals and Expatriates.
According to Mashreq, through Murabaha, customers will be able to buy personal products such as furniture or a car. On the other hand, Service Ijarah (Manfa’) will provide funds to customers who are looking to finance services such as a holiday or education, while Tawarruq is a cash lending facility for those looking for Sharia’h compliant personal finance.
Mashreq head of Retail Banking Group Douglas Beckett said that in line with other products and services offered by Mashreq Al Islami, the new Islamic Personal Finance packages are both convenient and affordable.
"By offering three different Islamic options at competitive rates, customers can choose the product which best fits their need. It’s another example of how Mashreq Al Islami is developing and launching convenient financial solutions to match customer requirements," Beckett said.
