Islamic Bank doubles housing loans for Jerusalem borrowers

AMMAN, - The Jeddah-based Islamic Development Bank (IDB) and the Palestinian Housing Council (PHC) signed on Saturday in Amman, Jordan, a new agreement that would almost double housing loans for borrowers from East Jerusalem.

The agreement, signed between IDB private funds director, al-Mansour bin Fata, and PHC chairman of the board, Hisham Omari, increases value of housing loans East Jerusalem residents can borrow from $80,000 to $150,000. It also increases the loan repayment period from the current 14 years to 20 years.

Commenting on the agreement, Omari said the deal will help East Jerusalem residents to buy, build or complete construction on a home without having to search for other financial sources. It will also help Palestinians in East Jerusalem to remain steadfast in their city in light of the high housing and living costs.

Source: Palestinian News & Info Agency

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