^FAQ Answers to the most
frequently asked questions.

ADCB Islamic Banking Home Finance Facilities are open to all eligible UAE residents (Nationals and Expatriates) as well as eligible Non-residents.

If you are a UAE resident, you do not need to have an account or be an existing customer of ADCB to apply for an Islamic Banking Home Finance. However, you are required to open an ADCB Islamic Banking Current Account as a payment account along with the purchase of property and set up your Islamic Banking Home Finance facility.

If you are a Non-resident, you need to have a savings account as it will serve as your payment account. For Self – Employed Private Customers the minimum required Length of Relationship with ADCB is 3 months, for Self – Employed Excellency and Privilege Customers the minimum Length of Relationship is 12 months.

There are three convenient ways to apply for an ADCB Home Finance.

Simply apply online through our www.adcbislamic.com website, or visit any of our ADCB Branches or alternatively you may also simply call our Toll free ADCB Contact Centre on 600562626, for one of our dedicated Home Finance Relationship Managers to further assist you with your requirement.

Please note that the maximum Finance amount could vary according to personal circumstances, the nature of the transaction and the property’s developer involved in the transaction.

21 years or older for UAE residents (National / Expatriates) and Non-residents

ADCB Islamic Banking offers the most competitive Home Finance profit rates: You can choose the plan that suits you most.

Hybrid Rate Option: This type of rate option allows customers to fix their applicable profit rate for a short period of time, after which the profit rate will shift back to the variable rate of ADCB Islamic Banking which is based on relevant EIBOR + Margin.

Variable Rate Option: Also commonly known as a floating rate finance, is a type of finance option where the profit rates will vary based on prevailing market conditions. The variable rate of ADCB Islamic Banking which is based on relevant EIBOR + Margin.

Important Notes & Definitions:

• Definition of EIBOR: Emirates Interbank Offered Rate as determined by ADCB from time to time.
• Review Frequency: The Bank will apply the ‘6 month EIBOR’ in January and July of every year and the ‘3 month EIBOR’ in January, April, July and October every year. However, the variable reference rate review can be done at a lesser or longer frequency at the ADCB Islamic Banking sole discretion. In case the relevant EIBOR has changed on the review date, ADCB Islamic Banking will apply the EIBOR rate applicable on the respective home finances to reflect such change from that respective month.
• Historic 1M EIBOR Resets:

  Sr No	1 month EIBOR as on	Value
  1	1-September-2024	5.38%
  2	1-August-2024	5.39%
  3	1-July-2024	5.36%
  4	31-May-2024	5.35%
  5	2-May-2024	5.39%
  6	1-April-2024	5.46%
  7	1-Mar-2024	5.42%
  8	1-Feb-2024	5.42%
  9	1-Jan-2024	5.32%
  10	1-Dec-2023	5.37%
  11	1-Nov-2023	5.36%
  12	1-Oct-2023	5.39%
  13	1-Sep-2023	5.25%
  14	1-Aug-2023	5.35%
  15	4-July-2023	5.19%
  16	5-June-2023	5.27%
  17	2-May-2023	5.17%
  18	7-April-2023	5.07%
  19	3-Mar-2023	4.78%
  20	3-Feb-2023	4.71%
  21	10-Jan-2023	4.54%
  22	6-Dec-2022	4.19%
  23	1-Nov-2022	3.78%
  24	3-Oct-2022	3.27%
  25	1-Sep-2022	2.59%
  26	1-Aug-2022	2.50%
  27	4-Jul-2022	1.81%
  28	2-June-2022	1.18%
  29	5-May-2022	0.96%
  30	19-Apr-2022	0.58%
  31	17-Mar-2022	0.28%

• Historic 3M EIBOR Resets:

  Sr No	3 months EIBOR as on	Value
  1	1-July-2024	5.28%
  2	1-April-2024	5.18%
  3	31-Dec-2023	5.38%
  4	30-Sep-2023	5.22%
  5	4-July-2023	5.15%
  6	7-April-2023	4.88%
  7	10-Jan-2023	4.55%
  8	3-Oct-2022	3.44%
  9	2-Aug-2022	2.68%
  10	4-Jul-2022	1.79%
  11	19-Apr-2022	1.05%
  12	28-Jan-2022	0.42%
  13	19-Oct-2021	0.35%
  14	29-Jul-2021	0.35%
  15	12-Apr-2021	0.35%
  16	12-Jan-2021	0.42%
  17	13-Oct-2020	0.43%
  18	13-Jul-2020	0.60%
  19	16-Apr-2020	1.57%
  20	13-Jan-2020	2.07%

• Historic 6M EIBOR Resets:

  Sr No	6 months EIBOR as on	Value
  1	1-July-2024	5.18%
  2	31-Dec-2023	5.29%
  3	4-July-2023	5.42%
  4	10-Jan-2023	4.81%
  5	1-Nov-2022	4.62%
  6	1-Sep-2022	3.39%
  7	4-Jul-2022	2.71%
  8	19-Apr-2022	1.57%
  9	28-Jan-2022	0.66%
  10	29-Jul-2021	0.53%
  11	12-Jan-2021	0.53%
  12	13-Jul-2020	0.85%
  13	16-Apr-2020	1.55%
  14	13-Jan-2020	2.15%
  15	11-Jul-2019	2.86%
  16	27-Jan-2019	3.15%

Monthly rental payments are based on the property value amount, tenor and the Ijarah profit option you have selected.

Ijarah - For completed properties; your rental payment (EMI – equated monthly installment) will be paid each month

Forward Ijarah – For properties that are still under construction, you will have to pay the monthly advanced rental (pre-EMI) throughout the construction phase and subsequently the EMI as agreed following the completion of the property.

Life and property Takaful are a mandatory requirement to avail Islamic Home Finance. As an added convenience, ADCB Islamic Banking does offer a competitive life and property Takaful to customers:

• Life Takaful is currently being offered at 0.0184% per month on the outstanding finance amount
• Property Takaful is being offered at 0.042% per annum on property’s original value

• Life Takaful is currently being offered at 0.01911% per month on the outstanding finance amount for Non-residents who are Nationals of India / Pakistan and at 0.0184% per month on the outstanding finance amount for all other Non-residents
• Property Takaful is being offered at 0.042% per annum on property’s original value

If you are a resident, you are not required to purchase ADCB Islamic Banking life Takaful policy. Should you be having an existing life Takaful policy, it is mandatory to assign the policy to the Bank. For assignment of life Takaful policy, the Bank may charge an assignment fee.

If you are a Non-resident, you are required to purchase ADCB Islamic Banking life Takaful policy.

It is mandatory to take Property Takaful through ADCB Islamic Banking.

No, it is not a mandatory requirement to transfer your income to ADCB Islamic Banking. However, the Bank may offer additional benefits to customers who are willing to transfer their income to ADCB Islamic Banking such as reduced profit rates, discounts etc.

The maximum tenor for UAE residents (Nationals / Expatriates) is 25 years, while the maximum tenor of 15 years is applicable for Non-residents.

However please note, that at the time of maturity the maximum finance tenor should not cross 65 years of age if salaried resident, 70 years of age if self-employed resident and 60 years of age if non-resident.

ADCB Islamic Banking Home Finance can be applied for residential homes and apartments across Dubai and Abu Dhabi which are developed by our select list of developers. Also, finance is available for the construction of private residential properties.

In that case, through the sale proceeds ADCB Islamic Banking will settle the facility. However, an early discharge fee will be levied which is 1.05% of the settled amount or AED 10,500 whichever is lower. This is achieved in a sharia compliant manner by applying a discretionary rebate mechanism in accordance with the relevant Islamic documents or any other Sharia compliant settlement arrangement under the Ijara facility.

There are certain restrictions on the number properties you can finance based on your current residency and property construction status. Please refer to the below table for guidance:

Residents:

Non-Residents: