Bahrain’s leading commercial and Islamic investment banking entity, Kuwait Finance House-Bahrain (KFH-Bahrain) has signed a Memorandum of Understanding (MoU) with the region’s leading government bank Eskan Bank to provide financing to customers who want to own their dream home in “Danaat Al Baraka” project.
According to the company statement, “The real estate financing offer, which complies 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 one year of client installments for clients who have completed the finance application process.”
Furthermore, the Bank offers free insurance against fires throughout the financing period, as well as additional financing up to $26,528 (BD 10,000) for home furnishing, as promotional offers have been established with several retail stores, specialized in furniture, and home appliances.
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 meets the needs of Bahrain families.”
“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 several 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 consists of 211 modern villas with four distinct contemporary designs. All villas have two floors, four rooms, a spacious hall, a kitchen, an annex for a domestic worker, and a garage with two parking spaces. The project is situated on 73,514 square meters of land in the Janusan Area.
“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,” added Mr. Tariq Khazim, Chairman of Danaat Al Baraka Company.