Abu Dhabi’s 150,000 AED Marriage Loan: Empowering Emiratis
With social media raising expectations and inflation driving up costs, weddings can be insanely expensive with a marriage loan.
In Abu Dhabi, the cost of a wedding can be a hefty expense, often reaching up to 200,000 AED for a mid-range celebration, and in some cases, even hitting 1 million AED. This financial burden can be overwhelming, making it challenging for many to afford their dream wedding.
To alleviate this concern, the Abu Dhabi Social Support Authority has launched a groundbreaking initiative: the “Marriage Loan” program.
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Let’s dive into what this initiative means for Emirati residents, including application details, eligibility, and public reception.
Understanding the Marriage Loan Initiative
The Abu Dhabi Social Support Authority (SSA) has introduced the “Marriage Loan” program, which provides interest-free loans of up to 150,000 AED to Emirati couples planning to marry.
This initiative is part of the Emirati Family Growth Programme, aimed at fostering family development and population growth.
Abdulla Al Ameri, Director General of the SSA, highlights the significance of this program: “Our goal is to support Emirati couples in beginning their married life with a stable financial footing. This initiative reflects our commitment to building strong families and promoting community cohesion.”
Ahmed Al Azeezi, Executive Director of the Social Support Applications Sector, adds,
“We aim to bolster Abu Dhabi’s social care system by helping establish strong, stable families. This service, along with our existing support services, will be provided to all soon-to-be-married couples in Abu Dhabi with the highest standards of governance and transparency.”
Applications for this loan will open in early September 2024, and couples who are getting married within the next six months can apply.
Eligibility Criteria for the Marriage Loan
To apply for the marriage loan, couples must meet specific criteria:
- Application Submission: The application must be submitted by the husband.
- Age Requirements: The husband must be at least 21 years old, and the wife must be at least 18 years old.
- Family Book: The husband must possess a Family Book issued by Abu Dhabi.
- Income Limit: The husband’s monthly income should be under 60,000 AED.
- Application Process: Applications are to be submitted via the Medeem Digital Platform.
Alignment with Islamic Principles
The marriage loan aligns with Islamic finance principles by being completely interest-free and adhering to Sharia law.
Islam prohibits charging interest (riba), and this loan reflects a commitment to providing financial support in a manner consistent with Islamic values, ensuring that couples are not burdened by additional costs.
Public Reaction to the Marriage Loan
The announcement of the marriage loan has been met with great interest.
Many Emiratis are eager to learn more about the specifics of the loan, such as repayment terms and application details. While some have suggested converting the loan into a grant to further ease financial pressures, the general feedback has been positive and enthusiastic.
Additional Information on the Marriage Loan
Here’s a closer look at the key elements of the initiative:
- Family Book: This document is crucial for verifying residency and family status in Abu Dhabi and is required for loan eligibility.
- Medeem Digital Platform: The application process will be managed through Medeem, an online service portal by the Abu Dhabi government. Applicants should ensure they have the Medeem app and their Family Book ready for a seamless application process.
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About the Abu Dhabi SSA and Emirati Family Growth Programme
Established in 2008, the Abu Dhabi Social Support Authority (SSA) provides financial aid to low-income Emirati families and offers programs to promote financial independence, such as job training and financial literacy.
The Emirati Family Growth Programme, part of the Abu Dhabi Family Wellbeing Strategy, aims to support family stability and early marriages, reflecting the government’s vision for strengthening Emirati families.
Conclusion
The Abu Dhabi Marriage Loan initiative marks a progressive step in supporting young Emirati couples as they begin their journey together.
This innovative approach not only provides essential financial relief but also fosters a supportive environment for the formation of stable, happy families.
As the initiative unfolds, many are expecting it to make a positive impact, enabling many couples to celebrate without overwhelming debt. With this financial support in place, couples can focus on their special day rather than being preoccupied with the financial aspects.
For those navigating the complexities of wedding planning in Dubai or Abu Dhabi, partnering with a professional wedding planning agency can further enhance the experience.
Let us help you create a wedding that reflects your vision and style while alleviating the stress of planning. Reach out to Easy Wedding today to start planning your dream wedding with confidence and ease.
