DIB strikes deal to offer sharia-compliant mortgages

Dubai: Dubai Islamic Bank has signed a deal to offer sharia-compliant home loans to buyers of about 2 billion dirhams-worth (US$544.7 million) of properties developed by MAG Group.

The bank, which is the third-largest Gulf Arab Islamic lender by market value, did not say whether it had exclusive rights to provide mortgages for MAG's residential and commercial properties in Dubai.