Al Salam Bank becomes first bank in Bahrain to complete customer handover of Deerat al Oyoun Villa under Mazaya Scheme

Al Salam Bank customers can now purchase their dream family home under the Mazaya Social Housing scheme with no down payment or administrative fees.

  
Al Salam Bank becomes first bank in Bahrain to complete customer handover of Deerat al Oyoun Villa under Mazaya Scheme
  • Customers will pay the first installment in January 2021 and benefit from a competitive annual profit rate of 4%.
  • Customers receive an additional BD 5,000 to furnish their new home as part of the property financing offering and enjoy access to exclusive offers from selected vendors.
  • Al Salam Bank completed the handover of its first home in Deerat Al Oyoun under the new scheme.

Manama: Al Salam Bank-Bahrain (Al Salam Bank) delivered the first residential villa in Deerat Al Oyoun under the Mazaya Scheme in partnership with the Ministry of Housing and Eskan Bank. The Bank’s rapid and flexible financing process enabled the smooth and timely completion of the handover of the new home in record time. The handover was completed in the presence of senior representatives from the Ministry of Housing, Al Salam Bank, Eskan Bank, and Diyar Al Muharraq.

The handover of the first residential villa in Deerat Al Oyoun is the result of a new partnership between Al Salam Bank, the Ministry of Housing and Eskan Bank to offer property financing solutions under the Mazaya social housing scheme. The Shari’a-compliant property finance offering will allow customers to buy their dream home in Deerat Al Oyoun housing project without the need for a down payment or any administrative fees. The first financing installment will be paid in January 2021, and for a limited time, applicants will enjoy a highly competitive Annual Profit Rate of 4%. Moreover, customers will receive an additional BD 5,000 to furnish their new home as part of their property financing and will enjoy access to exclusive offers from selected merchants.

H.E. the Minister of Housing, Eng. Bassim bin Yaqoob Al Hamar, commented: “Our partnership with the private sector to provide and finance social housing projects has yielded many positive results. This constructive partnership has resulted in increasing the supply of projects and thus has widened the choice of homes available to citizens leading to the fulfillment of thousands of housing requests. The size of mortgage financing provided by banks to date is a testament to the success of the Mazaya Scheme, as well as the potential of Bahrain’s banking sector in acting as a genuine pillar in the housing service provision cycle for Bahrain’s citizens.”

H.E. The Minister added that the Mazaya scheme, having created new projects and new financing solutions, was already achieving its strategic objectives. “The scheme is strengthening the real estate sector, improving the supply of social housing and accelerating the pace of infrastructure projects,” he said. “In this way, it is making a broader contribution towards economic growth and prosperity, while ensuring the deployment of housing services and improved infrastructure to where they are needed most.”

H.E. The Minister concluded: “The Mazaya Scheme is an important initiative to support citizens seeking home ownership. It clearly demonstrates the Government’s preparedness to support initiatives assisting in reaching this social objective. I am pleased that the Ministry has partnered with Al Salam Bank and Eskan Bank who are working hard to ensure the success of these housing initiatives, driven by a sense of creative and forward-looking thinking as well as a willingness to serve our community.”

Al Salam Bank Group CEO, Rafik Nayed said: “The speed with which we were able to complete this handover is testament to the efficiency of our financing offering. In recent years the bank has focused on enhancing and streamlining its processes across all areas, with an emphasis on digitization. This has stood us in good stead for navigating the disruption of the global pandemic, during which we have been able to quickly open our virtual branch and introduce digital onboarding to maintain and even enhance our client service and communication.”

Commenting on the new partnership, Anwar Murad, Deputy CEO of Al Salam Bank said: “At Al Salam Bank, we are always looking for new and innovative ways to best support our customers in their most important decisions. And there are few milestones in life as great as buying your family home. That is why we are delighted to offer our customers our exclusive property financing offer, which eases and streamlines what can be a stressful, time consuming and costly process. We are proud to be the first bank in Bahrain to have already delivered the keys of the first Villa in the Deerat Al Oyoun project under this scheme.”

Dr. Khalid Abdulla, General Manager of Eskan Bank added: “We are delighted to enter into this timely and important partnership, joining the roster of banks providing property financing under this innovative scheme. Supporting families in search of their dream homes is one of the most rewarding aspects of banking and we look forward to working closely with Al Salam Bank and the Ministry of Housing on this important initiative”.

Located in the modern Diyar Al Muharraq district, the state-of-the-art villas of the Deerat Al Oyoun project each come with four bedrooms, four restrooms, two living rooms, a kitchen, a dining room, a garden and parking space for two cars. Residents enjoy the area’s leading shops, range of schools and extensive, attractive outdoor spaces. Each of the homes within the project is sold under the Ministry of Housing’s Mazaya social housing scheme.

The new service offering is just the latest installment in the successful roll-out of Al Salam Bank’s three-year strategy, focused on giving customers a choice of innovative Shari’a-compliant banking and financing solutions. For more information on the exclusive Property Financing offer, please call any of the Bank’s dedicated Relationship Managers on ‪36688833, ‪37373780, ‪39393139 or ‪39115795.

A video of the handover villa can be viewed on the Bank’s social media channels here: https://bit.ly/3eR8fcj 

-Ends-

About Al Salam Bank-Bahrain:

Al Salam Bank-Bahrain is a pioneering Shari’a-compliant Bank in Bahrain. It offers a comprehensive range of innovative and unique financial products and services through its extended network of branches and ATMs, which employ state-of-art technologies to meet its clients’ various banking needs. In addition to its Retail Banking services, the Bank offers Corporate Banking, Private Banking, Asset Management, International Transaction Banking as well as Treasury Services. The Bank’s high-caliber management team comprises of a highly qualified and internationally experienced professionals with proven expertise in key areas of banking, finance and related fields.

The Bank has received multiple awards, including:

  • “Best Islamic Retail Bank in Bahrain for the year 2019 and 2018”, “Best Shari’a Compliant Product in Bahrain for 2019” and “Most Innovative Shari’a Compliant Products in Bahrain for 2018” awarded by Global Business Outlook,
  • The Enterprise Excellence award in the field of training and national manpower development at the 34th annual ceremony organized by the Ministry of Labour and Social Development.
  • The “Critics’ Choice award – The Best Islamic Retail Bank in Bahrain for 2017” by Cambridge IFA– a UK-based Islamic finance intelligence provider specialising in strategic advice in the field of financial services and professional academic research for financial institutions.
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