With the promise of continually providing innovative Shariah compliant products and services, Emirates Global Islamic Bank now has the solution to all your home financing needs with Al Bait. Al Bait offers you Halal house financing options, which enable you to buy, build or renovate the home of your dreams in a purely Islamic manner.

We know, as a true Muslim you hold your beliefs close to your heart. By opting for Al Bait you can enlighten your soul by following the teachings of the Holy Quran and give faith a home in your heart.

How does Al Bait work?
Al Bait is based on the concept of Diminishing Musharaka. Under this concept you and Emirates Global Islamic Bank enter into a partnership where you and the Bank have joint ownership in the property. As part of the agreement, Emirates Global Islamic Bank will allow usage of the property to you and you in turn agree to make monthly payments for the use of the property.

You also make regular scheduled investments in the partnership to increase your share in the property. Thus, with each payment your ownership in the property grows. Once you have entirely purchased the Bank’s share in the property, you become the free and clear title owner of the house of your dreams.

Why opt for Al Bait?
Financing through Al Bait is not just Shariah compliant it is also the most convenient and flexible payment option imaginable.

• 100% Riba-free
• Free Property Takaful
• Unmatched rates on transferring existing home finance facility to Emirates Global Islamic Bank
• Financing up to Rs. 50 million
• Financing tenors range from 3 – 20 years
• Flexible monthly installments
• Financing up to 80% of your property value
• Early and partial payment option

What options are available to you with Al Bait?

• Purchase an already constructed house
• Purchase a plot and construct your own house
• Renovate or improve your existing house
• Transfer your existing house finance facility from other financial institutions to Emirates Global Islamic Bank

How do you become eligible?

• Age 22-60 years
• Minimum Monthly Net Income of Rs. 20,000/-
• Self-Employed businessmen/Professionals or Salaried individuals

What are the documents to be submitted?
The completed application form along with the documents specified therein.

Shariah Committee:
Emirates Global Islamic Bank products and services are approved by the bank’s Shariah Committee which consists of renowned Shariah Scholars. Justice (R) Khalil-ur-Rehman Khan, is the Shariah Advisor of the bank. He has served as Chairman Shariat Appellate Bench of the Supreme Court of Pakistan, Rector of the International Islamic University, Islamabad, Chief Justice of the Lahore High Court and Chairman of the Religious Board for Mudarabas. He authored the landmark judgment on Riba in 1999, on the basis of which new impetus was provided to Islamic Banking in Pakistan.

Mufti Abdullah Najeebul Haq Siddiqi is the Shariah Coordinator for Emirates Global Islamic Bank. He is associated with Dar-ul-uloom Karachi and has specialized in Islamic Fiqh and Fatawa.  He graduated from Darul-ul-uloom Karachi as Aalim-e-Deen and has obtained certification in Islamic Banking, Finance and Economics from the Centre for Islamic Economics.

Note: Terms and conditions are subject to change.
Fees and charges will apply as per the prevailing Schedule of Bank Charges whereas other levies will be applicable according to Government regulations and directives of State Bank of Pakistan.