Diminishing Musharaka home finance through Sharjah Islamic Bank. Six months of statements in one clean spreadsheet, AED throughout.
Convert for home financeSharjah Islamic Bank offers Sharia-compliant home finance as Diminishing Musharaka — the bank and the customer co-own the property, and the customer buys the bank's share down over time. The underwriting requirement looks like a conventional mortgage: six months or more of statements showing consistent salary, low existing obligations, and a clean down payment.
Sharjah properties are usually more affordable than Dubai, so loan amounts are smaller. That means underwriting is often quicker, but the same UAE Central Bank LTV rules apply — 75% for expats, 80% for UAE nationals on first properties below AED 5M.
The down payment must be in your account for at least 60 days before underwriting. SIB underwriters trace large deposits back to the source. The descriptor on ONLINE TRANSFER rows preserves the counterparty name — that is your trace.
Family gifts are common in Sharjah-based home finance applications. Pair the gift row with a gift letter stating the funds are non-repayable. Kashfbank's export gives you the exact row and date for the gift entry, which makes the documentation faster.
Six months of statements is roughly 200-500 rows. The underwriter expects to verify the items below.
Bilingual Arabic-English PDF consistent with UAE Central Bank reporting standards. AED denominated. Dates DD/MM/YYYY. Sharia-compliant product labels (Murabaha, Ijara) in transaction descriptions. IBAN, branch code, and statement period in header. Separate debit/credit columns with running balance.
| Label | Meaning |
|---|---|
| POS PURCHASE | Card payment at merchant |
| ATM WITHDRAWAL | Cash withdrawal from ATM |
| SALARY CREDIT | WPS salary credit |
| MURABAHA INSTALMENT | Monthly Islamic finance repayment |
| IJARA PAYMENT | Islamic lease payment |
UAE mortgage applicants must show 6 months of statements; CBUAE's maximum loan-to-value is 80% for UAE nationals and 75% for expatriates for first properties below AED 5M.
Pull six months of SIB statements
From SIB Mobile, download each of the last six statement months. Save all PDFs.
Upload all six together
Kashfbank converts each and merges into a single chronological spreadsheet.
Flag the down payment source
Locate the large deposit. Tag the row with the source (Family gift / Asset sale / Savings transfer). Keep the supporting document with the file.
Export and submit
Download the CSV. Submit alongside the original PDFs to the SIB home finance desk.
Common challenges
What is Diminishing Musharaka and how does it appear in the statement?
Diminishing Musharaka is the Islamic structure where the bank and the customer co-own the property. Monthly payments — rent on the bank's share plus a share-buy-down — appear as a single instalment on the SIB statement, typically labelled as the home finance instalment in the description.
Can I use a gift from a family member for the down payment?
Yes, common in Sharjah. The transfer must sit in your account for at least 60 days before underwriting. Provide a gift letter from the donor stating the funds are non-repayable. Kashfbank flags the row date and amount for the documentation.
What's the LTV cap for an expat buying a first property in Sharjah?
75% under UAE Central Bank rules for first property below AED 5M. So expect a 25% down payment plus Sharjah Real Estate fees on top — all visible in the bank statement before submission.
My SIB statement is bilingual. Will the export keep both languages?
Yes. The Description column preserves the original bilingual descriptor. Murabaha and Ijara labels stay intact in both languages.
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Regulator: Central Bank of the UAE (CBUAE)
Fiscal year: Jan 1 – Dec 31 (Gregorian)
Full country guide →Statement language: English