MANAMA: Bahrain Islamic Bank (BisB) has launched a series of relief measures to help lessen the financial burden of companies and individuals under its portfolio.
The bank has been duly complying with the directives of the wise leadership to unify all national efforts to avert the spread of the virus and minimise impact on society and the economy.
BisB is pushing customers to take full advantage of its digital platforms and minimise visits to the branches to reduce the risk of exposure.
“As an integral member of the community, BisB stands in solidarity with the government and the industry in helping to support individuals and businesses and limit the strain on society and the national economy. We applaud the energy exerted by the wise leadership in containing the situation and safeguarding the well-being of all citizens, residents and businesses. We consider it our responsibility to play our part to further enhance these efforts,” said BisB chief executive Hassan Jarrar.
Following the national directives, all Bahraini customers who have already applied for personal, mortgage and auto-financing solutions by 19 March 2020 or before, will automatically receive a six-month deferral of instalments without any fees, no profit on profit or increase in profit rate unless the borrower agrees to a shorter period or does not wish to avail any deferral.
Customers interested in applying for new personal and auto financing solutions will be granted a six-month grace period.
As for credit card holders, the required minimum monthly payment will be set to zero from March until August 2020 and late payment or over-limit fees will not apply for this time period.
BisB has also introduced support initiatives for its corporate customers.
Existing customers applying for any new drawdown will automatically receive up to six months grace period and will also be offered the same on their existing facilities.
In addition, the corporate mobile application, BisB Corporate Digital, which is available to all existing customers, enables access to multiple functions, thus enabling customers to perform all their banking transactions digitally, without visiting branches.
“We urge all of our customers to make extensive use of our digital platforms to complete their banking transactions from the comfort and safety of their homes, and avoid going out to reduce the risk of exposure to themselves and their families,” added Mr Jarrar.
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