Tamweel, the leading home finance provider, and Ali Moosa & Sons Group, a prominent Sharjah-based property developer, today announced their joint venture, thus making Tamweel the first mortgage provider to finance properties in the emirate of Sharjah.
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| Standing on the left of the picture is Mr. Adel Shirawi CEO of Tamweel and on the right hand side is Group Managing Director of AMS Mr. Mohammad Ali Moosa.. |
Speaking on the occasion, Mr. Mohamed Ali Moosa, Group Managing Director of Ali Moosa & Sons (AMS) Group, said: "Tamweel have constantly proved their commitment to the UAE's real estate industry through the introduction of innovative and personalized products and we are pleased to be associated with them."
In the absence of a Tamweel branch in Sharjah, Tamweel's Mortgage Advisors will be available at AMS Group's offices to assist homebuyers with their finance documentation. According to the mutual agreement of both parties, finance will be provided up to 70 per cent of the property value over a repayment period of up to 25 years starting at a fixed profit rate of 4.99 per cent.
AMS Group signed this agreement exclusively with Tamweel for their Ali Moosa Tower 1 and 2 located around Khalid Lagoon. Put together, the towers will offer 416 apartments ranging from one to four bedrooms with a large hall, big salon, roomy kitchen, balcony and maid's quarters by March 2006.
Marking this important juncture, Tamweel's CEO Mr. Adel Al Shirawi said: "Business partners such as AMS Group represent an important extended arm of our company. AMS Group enjoys the experience of more than 27 successful years in different real estate related industries and we are proud to join hands with them and become the first home finance company to enter Sharjah."
With this agreement, 'Tamweel' now has 120 partners in its portfolio - 45 of which are developers and 75 are real estate agents. In the recent past 'Tamweel' has unveiled various innovative products such as 'Yusr' that allows customers to make lower monthly repayments in the initial years and amortize the difference over the remaining years of the repayment period.
