Malik Riaz's Bank 'EIBL' to offer Islamic Housing Financing for Bahria Town – Research Snipers

Malik Riaz’s Bank ‘EIBL’ to offer Islamic Housing Financing for Bahria Town

bank

Shariah-compliant housing finance and micro-financing products is to be issued by EIBL along with the earlier offered interest-based products.

Escorts Investment Bank Limited (EIBL) is planning to launch Islamic housing finance. Malik Riaz, the Pakistani business tycoon owns EIBL. It is expected to help in the business of the parent project of EIBL, Bahria Town.

Escorts Investment Bank is working on developing Shariah-compliant Islamic products for the purpose of housing and micro-financing segments. Once the business activities resume, these services will be offered to the customers. In order to improve the service portfolio of the bank, this step has been taken. It would allow customers to buy property for residential or investment purposes.

Must read: All construction activities in Bahria Town Karachi are unauthorized and illegal

Also, the Sharia-compliant housing finance product introduction will help the parent company Bahria Town in expanding the different projects by offering a financing facility to the customers.

An interest-based model of housing finance has been issued by the bank for the domestic people as well as for expatriate Pakistanis. But it is pertinent to mention here that the model’s terms and conditions are stricter in comparison to other housing finance models offered by various banks. KIBOR plus 7% interest rate is charged by the EIBL.

Bahria Town recently announced a cheap housing scheme in different cities for both the residents and expatriates. The scheme would appeal to customers towards the housing project as well as the bank.

Shariah-compliant housing finance and micro-financing products is to be issued by EIBL with the earlier offered interest-based products.

Escorts Investment Bank Limited (EIBL) is planning to launch Islamic housing finance. Malik Riaz, the Pakistani business tycoon owns EIBL. It is expected to help in the business of the parent project of EIBL, Bahria Town.

Escorts Investment Bank is working on developing Shariah-compliant Islamic products for the purpose of housing and micro-financing segments. Once the business activities resume, these services will be offered to the customers. In order to improve the service portfolio of the bank, this step has been taken. It would allow customers to buy property for residential or investment purposes.

Also, the Sharia-compliant housing finance products introduction will help the parent company Bahria Town in expanding different project by offering a financing facility to the customers.

An interest-based model of housing finance has been issued by the bank for the domestic people as well as for expatriate Pakistanis. But it is pertinent to mention here that the model’s terms and conditions are stricter in comparison to other housing finance models offered by various banks. KIBOR plus 7% interest rate is charged by the EIBL.

Bahria Town recently announced a cheap housing scheme in different cities for both the residents and expatriates. The scheme would appeal to customers towards the housing project as well as the bank.

via ProPakistani

Leave a Reply

Your email address will not be published. Required fields are marked *