Deutsche Gulf Finance, a joint venture company between Deutsche Bank and a group of prominent Saudi investors led by Fahad Abdullah Abdulaziz Al-Rajhi announced the launch of an innovative Shariah-compliant cash-out product. At a press conference held in Riyadh Sunday, Al-Rajhi, the chairman of Deutsche Gulf Finance, said the Shariah-compliant product would allow consumers to unlock equity in their home and finance payments for up to 30 years. “We are excited to officially launch a cash-out product, which gives consumers flexible financing terms, delivered in an ethical and socially-responsible wrapper, to better manage household cash-flow,” Al-Rajhi said. He said the equity release product will benefit a broad base of customers giving them the opportunity to utilize their most valuable asset (their home) as a financial tool. “We expect that this product will allow families to afford a new home for their newly-married sons and daughters, he said. The product is aimed at consumers seeking capital through financing their homes for a variety of purposes including investment in land, residential property or other important family initiatives requiring substantial amounts of capital. Financing rates for this program start at 2.99 percent and Deutsche Gulf Finance would finance up to SR5 million, which is subject to credit terms. The program is delivered in an entirely Shariah-compliant structure to meet the needs of Saudi homeowners. Deutsche Gulf Finance provides home finance solutions on residential properties for consumers in an entirely Shariah-compliant format. – SG DGF has commenced financing on completed residential properties for purchase, equity release, and investment to Saudi nationals and expatriates.
