The UAE’s mortgage market will soar from AED20 billion by the end of this year to AED64 billion over the next three years and more than 60% of house financing will be Shari’ah compliant, the International Ras-Al-Khaimah Family Office and Investment summit was told on Tuesday.
Islamic Banking and finance specialist Dr. Sabahuddin Azmi shared delegates that existing credit in the UAE housing market, which stood at AED17 billion at the end of 2006, will touch AED 20 billion mark at the end of 2008.
It is expected to rise harshly between now and 2011 as real estate growth exceeds an estimated AED419 billion during this period.
Dr. Azmi, Faculty at the Emirates Institute for Banking and Financial Studies in Sharjah, said Amlak Finance and Tamweel, both Sharia’ah compliant, dominate the UAE housing finance market, holding 35% and 25% shares respectively.
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