March 3rd, 2012, Manama, Bahrain: Bahraini retail and commercial banking institution, BMI Bank today announced the launch of its new range of loans offering eligible customers the opportunity to receive the highest loan amount in the market at the lowest possible monthly installment through the introduction of a balloon payment on maturity. The Salaf Plus auto, mortgage and personal loans will complement the Bank's existing loan bouquet and is available at a competitive rate of interest along with an extended tenure.
Announcing the launch, Jamal Al-Hazeem, Chief Executive Officer of BMI Bank said:
"In line with our commitment towards providing our customers with innovative and tailored personal financial solutions, I am pleased to announce the launch of yet another unique product that has been designed specifically to accommodate our customers' banking and lifestyle requirement.
Our Salaf Plus range of loans will offer customers the best of both worlds when applying for a loan; maximum cash in hand at the lowest monthly installment. In addition, customers who apply for Salaf Plus with BMI Bank will be able to take advantage of one of the lowest interest rates available today, flexible repayment tenure, minimal documentation and quick processing amongst others. This product will appeal to savvy customers who are keen to reduce their monthly financial obligations as the introduction of a balloon payment facilitates receiving a higher loan amount upfront with a smaller installment.
Through the launch of Salaf Plus, we have addressed what we believe to be a gap within the current market and will continue to invest in our products and services as we build a strong retail and commercial banking business within Bahrain."
BMI Bank's loan eligibility is based on the customers' current income, financial liabilities as well as the Debt Burden Ratio (DBR). The Salaf Plus balloon installment cannot be refinanced. Further information on Salaf as well as Salaf Plus is available on the Bank's website (www.bmibank.com.bh) and can be obtained by calling the Bank's 24 hour customer service center 17508080.
About BMI Bank B.S.C. (c)
Bahraini retail and commercial banking institution, BMI Bank is a retail bank, registered in Bahrain and regulated by the Central Bank of Bahrain offering a full range of retail and commercial banking services. BMI Bank operates in Bahrain through a network of 9 branches and 30 ATMs with net banking for easy access to services.
BMI Bank also operates an Offshore Bank in the Seychelles, a branch in Qatar and has a 21.33% shareholding in Gulf African Bank in Kenya. BMI Bank owns the Diners Club Services Bahrain W.L.L and operates the Diners Club cards franchise in Bahrain. BMI Bank's shareholders include some of the strongest and most respected financial institutions across the GCC, including BankMuscat.
BMI Bank currently offers its customers a range of retail products and services including savings and current accounts, Ayadi savings account, credit cards including Diners Club and La Carte, a co-branded credit card in partnership with Geant Hypermarket Bahrain, consumer and vehicle loans, mortgages and fixed deposits. In addition to Retail Banking, BMI Bank offers full Premier Banking, Private Banking, Wholesale Banking, Islamic Banking and Treasury services.
For further information, please contact:
Gordon Andrade
Head, Corporate Communications
BMI Bank - Bahrain
E-mail: gordon.andrade@bmibank.com
Cell: +97339782225
© Press Release 2012
