Al Baraka Islamic Bank has signed the third addendum to the housing finance programs agreement with Eskan Bank.
This step incorporates the ‘Sale of Residential Units Prior to Completion’ program under the framework of joint cooperation between the two parties, enhancing citizens’ opportunities to own residential units through flexible and innovative financing solutions.
The ‘Sale of Residential Units under construction’ program facilitates the purchase of off-plan residential units within projects under the Government Land Development Rights Program. This provides beneficiaries with broader options while enhancing the efficiency of housing project delivery in partnership with the private sector.
Under this addendum, Al Baraka Islamic Bank joins the list of financial institutions participating in financing this type of unit, supporting faster project execution and ensuring delivery in line with the highest quality standards.
On this occasion, Mazin Dhaif, Chief Retail Officer at Al Baraka Islamic Bank, stated that, “We take pride at Al Baraka Islamic Bank in continuing to strengthen our strategic partnership with Eskan Bank, which represents an advanced model of public–private sector integration in supporting the housing sector in the Kingdom of Bahrain. The signing of this addendum reflects our ongoing commitment to developing innovative financing solutions that meet citizens’ aspirations and provide them with greater flexibility in choosing their homes, including the ability to purchase units prior to completion within approved housing projects.”
For his part, Ebrahim Jassim, Assistant General Manager – Commercial & Institutional Banking at Eskan Bank, commented that, “This collaboration with Al Baraka Islamic Bank represents an important step within our ongoing efforts to develop housing finance programs, contributing to improved project execution efficiency and expanding the financing options available to citizens, enabling them to own their residential units at early stages of development.”
“At Eskan Bank, we are keen to establish effective partnerships with national financial institutions, supporting the sustainability of the housing sector and enhancing the quality of services provided to citizens. The Sale of Residential Units Prior to Completion program is one of the key initiatives that contributes to accelerating housing delivery and improving project implementation efficiency,” Jassim added.
