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United Arab Bank Announces The Lowest Home Finance Rate In The UAE

United Arab Bank has recently caused great excitement in the residential mortgage market by announcing the lowest interest rate in the UAE.

With an interest rate of 4.99%, this is a welcome addition to the mortgage landscape for customers who are looking for a sensible alternative to bring down their monthly commitments.

UAB offers this product to Salaried and Self Employed UAE Nationals as well as Expatriates with Conventional and Islamic financing options

Paul Trowbridge, Chief Executive Officer, United Arab Bank commented “This new initiative further re-emphasizes the bank’s overall strategy to focus on UAE nationals and committed expatriates and offer products that match their needs and aspirations. We strongly believe this will bring renewed impetus to the mortgage market and gives our target customers an opportunity to own their own home with the most competitive interest rate in the market.”

Tom Smith, Executive Vice President, Group Head- Retail Banking commented “Despite being a recent entrant to the residential mortgage market, UAB has quickly emerged as a prominent player. Our mortgage product offers affordability and flexibility while at the same time addressing the customer’s needs with an innovative risk-based pricing model.”

UAB became part of a GCC regional banking alliance in December 2007 upon acquisition of a 40% interest in UAB by The Commercial Bank of Qatar (CBQ), Qatar’s largest private sector bank. With the Commercial Bank of Qatar concluding a similar alliance with National Bank of Oman (NBO) two years ago, all three banks are strongly positioned for future growth.

United Arab Bank has a network of 14 branches all over UAE, offering a whole range of attractive deposit and lending options. Online banking, SMS banking, ATMs and a state of the art call center offer round the clock banking services in a safe and secure manner. UAB’s ATMs are enabled with 24 hour cash & cheque deposit facility in addition to honoring all kinds of credit and debit cards for various types of banking services. In a challenging financial environment, United Arab Bank maintained earnings momentum recording a net profit growth of 10% for the year ended 31st December 2010. The bank is rated by Moody’s with a stable outlook.


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