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.
“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,” Eng. Bassim bin Yaqoob Al Hamar, the Minister of Housing, said.
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.”
“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.”
“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,” Al Salam Bank Group CEO, Rafik Nayed, 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,” Anwar Murad, Deputy CEO of Al Salam Bank, said.
“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,” Dr. Khalid Abdulla, General Manager of Eskan Bank, added.
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.
