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Looking to buy your dream home? Want to continue your studies? Thinking its time to buy a car? Whatever your wish may be, we want to help you make it come true. There are finance packages designed to meet your needs and with our Internet Banking service, you can manage your finances with a click of your mouse!

  • Dubai Islamic Business Finance
  • Dubai Islamic Home Finance
  • Dubai Islamic Auto Finance

How it works?

Our Relationship Officer will visit and help you complete the Home Finance application form.

  • Once your application has been analyzed and approved you will receive an offer letter stating the terms of offer and the finance amount DIBPL is willing to provide.
  • On completion of these steps, the amount stated in the offer letter which is DIBPL’s contribution towards Musharaka will be deposited by DIBPL to Musharaka account.
  • You will be registered as the legal owner of the property at the local registrar’s office.
  • You will then be required to execute a lease agreement (Payment Agreement) to lease DIBPL’s undivided share of the property DIBPL for an agreed number of years against monthly rentals.To complete the transaction you would sign the remaining transaction documents. •After successful completion of Lease, DIBPL will sell its undivided share in the property to the customer for a nominal price.

Fatwa

Features

There are so many reasons that make Dubai Islamic Home Finance the right choice!

  • 100% Shari’ah Compliant
  • Minimum Financing amount of Rs. 0.5 million
  • Maximum Financing of up to Rs. 50 million
  • Fastest processing time
  • Affordable monthly payment amount
  • Financing up to 70% of your property value
  • Finance Enhancement option as per the applicable terms
  • Early & Partial settlement options as per the applicable terms
  • Tenor rescheduling option as per the applicable terms

Pricing Mechanism / Profit Rate Criteria

Dubai Islamic Home Finance is a variable rate product i.e. the rental rate is linked with revisable Karachi Interbank Offered Rate (KIBOR) which shall be revised after every six or twelve months from the date of contract booking depending upon your chosen renewal option.

Applicable Profit Rate = Relevant KIBOR + Margin

The prominent features of the Pricing Mechanism of the Dubai Islamic Home Finance are further explained in detail as follows:

  1. The variable rental is based on a benchmark KIBOR + a predefined margin.
  2. The variable rental and the rental payment schedule, which will be offered to you at the time of contract booking, shall be valid for six or twelve months only depending upon your chosen renewal option.
  3. The variable rental is (annually or semi-annually) renewable. It is renewed based on the prevailing KIBOR rates at the time of renewal. In other words the rental rate is linked with revisable KIBOR rate which shall be revised after every six or twelve months from the date of execution of the Payment Agreement.
  4. The predefined Bank’s margin remains constant throughout the financing period. However the KIBOR may increase or decrease based on market rate movement which can change the rental amount. To further explain this point a hypothetical illustration is given below using 12 month KIBOR as benchmark for your understanding.

Hypothetical and Approximate Rental calculations for illustrative purposes only

Year # Financing Amount Financing Tenure KIBOR Bank’s Margin Profit Rate Monthly Rental
1* 10,000,000 20 Years 13.00% 4.00% 17.00% 153,900
2** 10,000,000 20 Years 16.00% 4.00% 20.00% 175,630
3*** 10,000,000 20 Years 11.00% 4.00% 15.00% 139,959

* The arbitrary 12 month KIBOR and rate of Bank’s margin is taken as assumption.

** In year 2, the KIBOR is increased by 3% from year 1 and Bank’s margin remains constant.

*** In year 3, the KIBOR is decreased by 5% from year 2 and Bank’s margin remains constant.

Installment Payment Frequency and Mode

DIBPL Home Finance customers can make their “monthly rental payments” through any of the following modes/channels as per their convenience.

Over the Counter

DIBPL Home Finance customers can deposit their monthly payments/rentals “over the counter” at any DIBPL branch through cash or cheque in a dedicated account. Direct Debit Instructions: DIBPL Branch Banking customers can make their monthly rental payments by simply giving direct debit instructions from their account maintained at any DIBPL branch.

Internet Banking

DIBPL Branch Banking customers can easily make their monthly rental payments by using Dubai Islamic Internet Banking facility to internally transfer the rental amount from their personal account to the dedicated account.

Eligibility

Customer Eligibility Criteria (Pakistani Residents)

Pakistani National

Age 25-65.
Minimum monthly net income of Rs.40,000/- for Salaried individuals.
Minimum monthly net income of Rs.50,000/- for Self-employed/ Businessmen/Professionals.

Property Eligibility Criteria

The qualifying property must be located in Cities (Karachi, Lahore, Islamabad, Rawalpindi and Faisalabad) of Pakistan.
The minimum value of the property must be greater than Rs.2,000,000/-

Customer Eligibility Criteria (Overseas Pakistani – UAE only)

Pakistani National residing in UAE

Age 27-60.
Minimum monthly net income of AED.25,000/-.
Self-employed Businessmen/Professionals or Salaried individuals.

Property Eligibility Criteria

The qualifying property must be located in Cities (Karachi, Lahore, Islamabad, Rawalpindi and Faisalabad) of Pakistan.
The minimum value of the property must be greater than Rs. 2,000,000/-.

Documents

  • Copy of primary applicant’s CNIC.
  • Copy of Co-partner’s CNIC, if necessary.
  • 2 Passport Size Photographs.
  • Tax Returns.
  • Copy of Utility Bill.
  • Professional Degree (for self-employed professionals only).
  • Salary Certificate/Proof of Profession.
  • Latest Salary Slip.
  • Bank statement of the last 12 months & Bank Certificate.

Overseas Pakistani

After the successful launch in Pakistan, DIBPL Home Finance now offers Overseas Pakistanis a great opportunity to own a dream home in Pakistan. Our product offering brings you unmatched home financing solutions tailored for you to meet all your requirements. A dedicated Home Finance Team is committed to provide a world class service by steering you through the entire process of owning the home that you always dreamt of!

FAQ’s

Who can apply for Home Finance facility?

  • Salaried Individual
  • Self Employed Professional (SEP)
  • Self Employed Businessman (SEB)

In how many cities is Home Finance Facility available?

  • Karachi
  • Lahore
  • Rawalpindi/Islamabad
  • Faisalabad

What is the minimum and maximum financing limit available for Home Finance?

  • Home Purchase    Rs 500K – 50 million
  • Home Renovation    Rs 500K – 10 million
  • Transfer of finance from another bank       Rs 500K – 50 million

What is the product Structure/mode of finance?

It is based upon the following modes of Shari’a Shirkat ul Melk (Co-ownership) where the Bank and the Customer jointly own the Asset & Ijara (Lease) of the Bank’s share to the Customer.

Who can be Co-partner?

Only spouse and immediate blood relatives (Son, Father, brother and mother) except daughter & sister, can be co-partners.

Will my spouse's income also be considered in calculating the Finance Burden?

Yes, your spouse’s income (Wife or Husband) can be clubbed for finance burden calculation.

Can a commercial property be financed or not?

As per State Bank’s Regulations for Consumer Financing, only residential property is allowed to be financed under Home Finance product.

Contact Details of the Concerned Personnel/Representatives

To know more about the Dubai Islamic Business Finance Products, please call DIBPL Phone Banking at 111-786-DIB (342). You may also visit or contact our dedicated personnel/representatives at the following address and contact numbers:

City : Karachi
Dir Tel : 021-35203674
Address: : Karim Chambers CL5, 6/2 Civil Lines Karachi

City : Lahore
Dir Tel : 042-5788836
Address : Gulberg Branch 10K Main Boulevard Gulberg II Lahore.

City : Faisalabad
Dir Tel : 041-8555471
Address : 575-B, Millat Plaza, People’s Colony, Satiana Road, Faisalabad

City : Rawalpindi/Islamabad
Dir Tel : 051-4852081
Address : 67A Satelitte Town Murree Road Rehmanabad.

For more details, visit our nearest Sales & Service Centre or Branch or contact at 111-786-342 / email cmrcs@www.dibpak.com

DIBPL Sales Centers

  • Consumer Sales Office KHI-4th Floor, Karim Chambers CL5, 6/2 Civil Lines Karachi.
    Tel : 021-35203674, 021-35205407
  • Consumer Sales Office LHR-Ground Floor, 10 K Main Boulevard Gulberg II Lahore.
    Tel: 042-35788935
  • Consumer Sales Office FSD- 1st Floor Millat Plaza, Satiana Road Faisalabad.
    Tel: 041-8555490
  • Consumer Sales Office RWP/ISD-Ground Floor-Plot no 67 A Satellite Town Muree Road Rehmanabad Rawalpindi.
    Tel: 051-4852090