Manama: Khaleeji Bank, one of the leading Islamic banks in the Kingdom of Bahrain, announced the signing of the third addendum to the housing financing programmes agreement with the Ministry of Housing and Urban Planning and Eskan Bank.
“This strategic step aims to join the “Sale of Residential Units Prior to Completion of Construction” programme under the Government Land Development Programme (GLDP), further strengthening the Bank’s role in supporting national efforts aimed at enabling citizens to own their homes through flexible and integrated financing solutions,” the bank in a statement said.
This collaboration comes within the framework of national directions aimed at developing the housing ecosystem in the Kingdom of Bahrain, by expanding the scope of partnerships between the public and private sectors and enhancing the efficiency of implementing housing projects. It also reflects Khaleeji Bank’s keenness to provide innovative financing products that meet citizens’ aspirations and keep pace with market needs, contributing to social stability and supporting sustainable urban development.
The new programme enables citizens to purchase residential units described on-plan within government land development projects, opening the door to wider options for beneficiaries and giving them the opportunity to benefit from innovative financing solutions that keep pace with the project’s development stages. The programme also contributes to accelerating the implementation of housing projects by enhancing the role of developers and the private sector within an integrated ecosystem that supports quality of execution and adherence to timelines.
Under this agreement, Khaleeji Bank will provide the necessary financing to eligible beneficiaries under the housing programmes approved by the Real Estate Regulatory Authority (RERA), in cooperation with the Ministry of Housing and Urban Planning, ensuring that funds are directed towards the execution of construction works in accordance with the approved regulations. Financing will also be disbursed in phases aligned with the progress of construction works, enhancing transparency and ensuring the protection of the rights of all parties concerned.
“At Khaleeji Bank, we are proud to be among the first banks in the Kingdom of Bahrain to take the initiative in offering this unique financing product, in cooperation with the Ministry of Housing and Urban Planning and Eskan Bank, both of which played a pivotal role in developing this distinguished programme in the interest of citizens. This collaboration reflects a high level of trust and integration among the various concerned entities, in addition to the effective partnership with project developers, contributing to the provision of innovative housing solutions that meet citizens’ needs at the early stages of project development,” Ms Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji Bank, said.
“At Khaleeji Bank, we believe in the importance of making additional efforts that go beyond expectations to support citizens and enable them to own their homes through flexible and integrated financing solutions that align with their future aspirations. Through this programme, we continue to strengthen our role as a trusted partner in supporting the housing ecosystem in the Kingdom, drawing on strong relationships with government entities and project developers to ensure the delivery of an integrated financing experience centred on quality, efficiency and sustainability.”
“The cooperation with Khaleeji Bank represents a valuable addition to the housing financing ecosystem in the Kingdom, as it contributes to expanding the base of financial institutions participating in financing this type of project. This cooperation also supports the achievement of strategic objectives aimed at accelerating the implementation of housing projects and providing diverse financing options that meet citizens’ needs at the various stages of obtaining housing,” For his part, Mr Ebrahim Jasim, Assistant General Manager – Commercial and Institutional Banking at Eskan Bank, said.
The Sale of Residential Units Prior to Completion of Construction programme is one of the distinguished initiatives that contribute to enhancing the efficiency of implementing housing projects by regulating the relationship between developers, financiers and government entities, and by providing clear mechanisms for financing projects through escrow accounts, ensuring that financial resources are directed in the optimal manner and reducing risks associated with the implementation stages.
Through this step, Khaleeji Bank reaffirms its commitment to continuing its role in providing integrated Islamic banking solutions that meet the needs of individuals, while enhancing its contribution to supporting national initiatives, further consolidating its position as a leading financial institution that actively contributes to supporting the sustainable development journey in the Kingdom of Bahrain.
Khaleeji Bank has been recognised as a distinguished Islamic bank dedicated to fulfilling customer aspirations through an integrated Islamic banking model offering a comprehensive range of high-quality retail and corporate services, as well as Shari’a-compliant investment opportunities.
