BAB move to help boost Bahrain's housing sector

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Bahrain Association of Banks (BAB) has agreed to provide additional initiatives and flexible and rapid financing solutions for those looking to buy homes in the kingdom in a major boost to the Ministry of Housing's efforts to achieve its goals under the Mazaya Programme.

As part of the co-operation agreement, the ministry as well as BAB is stressing upon the use of ecologically-friendly materials by the developers during the construction of these homes.

"The willingness of Bahraini banks to provide housing financing solutions also helps to boost the real estate, commercial, and financial markets in the kingdom," remarked BAB Chief Executive Officer Dr Al Qassim, while speaking on the sidelines of a recent consultative meeting between Bahraini banks and the Ministry of Housing.

This commitment from the banks to resolving the housing issue and extending the options for beneficiaries indicates the banking sector's overall desire to enhance its social responsibility within the context of its national role," he added.

Dr Al Qassim pointed out that both the ministry and Bahraini banks have demonstrated their constant readiness and ability to support the esteemed government's efforts.

"This is evident by providing flexible and rapid financing solutions and developing these solutions following the ministry's visions on the housing file, noting that the Mazaya Program is the clearest proof for this," he added.

During this meeting, BAB called upon the ministry to introduce more various housing products in bid to meet citizens' diverse demands.

"We emphasize the significance of these ideas and their implementation for the benefit of the system's three partners, namely banks, the Ministry of Housing, and Bahraini citizens," he added.

The key topics discussed at the meeting include the importance of aligning the loan with Bahrain's plans and the Central Bank of Bahrain's instructions.

"This is in terms of using ecologically friendly materials in home construction, as well as depending on clean energy, greywater, and other sustainable development trends," stated Dr Al Qassim.

In this regard, he hinted at the possibility to work with Tamkeen Labour Fund to encourage Bahraini SMEs to provide these materials, thereby spreading the benefits across all sectors.

Dr Al Qassim stressed the readiness of the Bahrain Association of Banks to seek to develop a fruitful partnership with the Ministry of Housing in the housing file.

"This partnership represents a model for the success of cooperation between the public and private sectors in Bahrain, and in line with the objectives of economic recovery concerning the social housing sector," he added.