Mazaya financing review underway, state support up

TDT | Manama

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The Ministry of Housing and Urban Planning has started the first review of the ‘Mazaya’ housing finance scheme since it began, raising state support and changing the point at which some cases will be reassessed.

This was confirmed by the Minister, Her Excellency Amna Al Rumaihi, yesterday.

Replying to MP Khalid Buanaq during the session, H.E. Al Rumaihi said the ministry’s work with Parliament was ongoing.

Voices

“Co-operation between the ministry and Parliament is ongoing,” she said, adding: “The voices of MPs and citizens are heard.”

She said the ministry reviews and adjusts its schemes to help citizens own a home, describing this as an ‘obligation and duty’ the government would keep up.

H.E. Al Rumaihi also said Mazaya itself remained the same in principle.

Essence

“Mazaya has not changed in its essence,” she told MPs, while noting this was the first time its terms had been reviewed and support raised.

The Minister said Mazaya is built on a contract between citizens and banks, with the state paying the gap in monthly instalments to back borrowers.

A study of borrowers who are keeping up with repayments, she said, found that more than 77 per cent pay no more than 173 dinars a month.