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Manama, Bahrain: Kuwait Finance House - Bahrain has announced the signing of a Memorandum of Understanding (MoU) with Eskan Bank to provide financing to customers who wish to own their dream home in “Danaat Al Baraka” as part of the Ministry of Housing’s “Mazaya” Social Housing Finance Scheme.
The real estate financing offer, which is in compliance with the principles of Islamic Shari’a, includes competitive annual profit rates without administrative fees, a flexible payment period of up to 30 years, a zero down-payment for additional financing covering the property value, and instant cash prizes worth 1 year of client installments for clients who have completed the finance application process.
The Bank also provides free insurance against fires throughout the financing period, as well as additional financing up to BD 10,000 for home furnishing, as promotional offers have been established with several retail stores, specialized in furniture, and home appliances.
Commenting on the promotional campaign, Mr. Khalid Al-Maarafi, Executive Manager and Head of Retail & Private Banking at KFH-Bahrain said: “It is with great pleasure that we announce our second promotional campaign for the “Mazaya” program, which will be launched exclusively for those interested in financing from the Bank to invest in the “Danaat Al Baraka” project. This comes as an extension of our partnership with Eskan Bank, through which we aim to facilitate and accelerate the ownership process that meet the needs of Bahrain families.”
Mr. Hamed Mashal, Head of Retail Banking at KFH–Bahrain said: “We are proud of our strategic partnership with Eskan Bank, which resulted in the launch of a financing campaign for the “Danaat Al Baraka” project. We would like to assure our customers that we will continue to support them in obtaining their dream home within any of the real estate projects listed under the umbrella of the Ministry of Housing’s ‘Mazaya’ Social Housing Finance Scheme.”
The “Danaat Al Baraka” project includes 211 modern villas with four different contemporary designs. All villas consist of two floors including four rooms, a spacious hall, kitchen an 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, which is located in the Janusan Area.
Chairman of Danaat Al Baraka Company Tariq Khazim, said: “We are pleased to continue our ongoing partnership with Kuwait Finance House through this agreement for Danaat Al Baraka. We aim, through this new project, to contribute positively to the local market by providing Bahraini citizens with a variety of suitable housing options to meet the diverse needs and requirements of all members of the family.”
Dr. Khalid Abdulla, General Manager at Eskan Bank, stated: “We expect to witness a growth in the social housing sector in the Kingdom of Bahrain, through cooperation with banks and the private sector, and their constant support which ensures the success of real estate projects. Moving forward, we hope to continue meeting the numerous housing needs of Bahraini families through our partnerships with a number of leading banking institutions such as Kuwait Finance House-Bahrain, an institution well-known for its distinguished services and unique Islamic products and offerings that would contribute to the residential Construction movement in general.”
The “Danaat Al Baraka” project is considered the 5th in a series of “Danaat” projects which include: “Danaat Al Madina”, “Danaat Al Riffa”, “Danaat Al Seef” and “Danaat Al Lawzi”.
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About Kuwait Finance House, Bahrain
Kuwait Finance House-Bahrain provides Islamic commercial and investment banking services. Established in 2002 as a wholly owned subsidiary of Kuwait Finance House (Kuwait) -- an industry leader for 40 years -- KFH-Bahrain specializes in developing and bringing to market the highest quality Islamic compliant banking and investment products, all of which are delivered by a staff of experienced and dedicated professionals with a deep understanding of the market and the clients we serve.
© Press Release 2021
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