Manama, Bahrain: Al Baraka Islamic Bank (AIB), one of the leading Bahraini financial institutions in the field of Islamic banking, announced the signing of an agreement with Eskan Bank to launch exclusive financing offers for the residential units of the “Danat Al Baraka” project. Customers who are interested in purchasing a residential unit within the project will be able to do so starting from Wednesday May 19th, 2021.

Through this partnership, Al Baraka Islamic Bank aims to provide its customers with unprecedented real estate financing offers to help ease the process of owning a residential unit within the “Danat Al Baraka” project.

The “Danat Al Baraka” project, which is located in Janusan, is one of the most prominent housing projects in the Kingdom , which accommodates for the social housing scheme that falls under the umbrella of the Ministry of Housing. Eskan Bank has been assigned to be the Investment managers of the project, whereas Eskan Properties, a wholly-owned subsidiary of Eskan Bank, were appointed to be the development managers of project.

Commenting on the launch, Mr. Tariq Kazim, the Chairman of Danat Al Baraka Board said: “We are delighted to be partnering once again with Eskan Bank to ease the process for customers wishing to purchase residential units within the “Danat Al Baraka” project.

“This financing offer comes as part of Al Baraka’s continuous endeavors to provide diversified real estate financing solutions that exceed our customers’ expectations and facilitate the process of purchasing residential units. We strive to continuously work closely with such reputable institutions to achieve the housing development goals as outlined in the Economic Vision 2030,” said Ms. Fatema AlAlawi, Head of Retail Banking at Al Baraka Islamic Bank.

Ahmad Tayara, Chief Business Officer & Deputy General Manager at Eskan Bank said: “We are delighted to have Al Baraka Islamic Bank provide customers with Shari’a compliant mortgage solutions and help ease the process of owning a first home in the ‘Danaat Al Baraka’ project”. He pursued by stating: “The affordable residential segment of the real-estate sector has been resilient in light of the pandemic helped by with private sector developers and local retail banks working in tandem for the supply of such housing units. We shall continue to strive to fulfil all housing requirements of Bahraini families through our ongoing partnerships with developers and leading banking institutions within the kingdom.”

The “Danat Al Baraka” project includes 211 modern villas with four different contemporary designs, each consisting of two floors with 4 rooms, a spacious hall, a kitchen and annex for a domestic worker, and a garage consisting of two parking spaces. The project is built on a land of 73,514 square meters in Janusan. The project is considered the fifth in a series “Danat” projects, which includes: “Danat Al Madina”, “Danat Al Riffa”, “Danat Al Seef” and “Danat Al Lawzi”.

Since its establishment in 1984 in the Kingdom of Bahrain, the Al Baraka Islamic Bank B.S.C. – Bahrain has set a longstanding track record of delivering excellence, innovation and superior results. The Bank ranks among the leading providers of Islamic banking products and services to its international clientele and focuses primarily on developing innovative and distinguished Investment solutions in compliance with Islamic Sharia principles, supported by its sound financial solutions.

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This press release has been issued by TRACCS Bahrain. 

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Shaikha Seyadi
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