Al Baraka Islamic strengthens partnership with Delmon Gate Real Estate

TDT | Manama

Email: mail@newsofbahrain.com

Al Baraka Islamic Bank Bahrain, a leading Islamic financial institution in the Kingdom, has recently announced the expansion of its strategic partnership with Delmon Gate Real Estate Company, a prominent developer in Bahrain. This collaboration aims to provide accessible and diverse housing financing solutions enabling citizens to purchase residential units within Delmon Gate’s projects. The signing ceremony took place at Al Baraka Islamic Bank’s headquarters in Bahrain Bay, where Mr. Mazin Dhaif, Chief Retail Officer, and Mr. Ali Abdulla, CEO of Delmon Gate Real Estate, officially signed the agreement in the presence of senior managers and officials from both sides.

Aligned with Al Baraka Bank’s commitment to addressing the housing needs of Bahraini citizens and promoting integration of banking and real estate sectors, this enhanced partnership seeks to broaden access to ownership of Delmon Gate projects. It offers tailored financing solutions designed to accommodate various financial capabilities, supporting the Kingdom’s social housing initiatives in collaboration with the Ministry of Housing and Urban Planning as well as Eskan Bank, in line with Bahrain’s Economic Vision 2030.

The bank provides a range of innovative real estate financing options including Flexible Real Estate Financing which allows adjustment of profit rates every six months based on Bahrain’s variable bank rates, enabling customers to benefit from potential rate reductions or effectively manage increases. Additionally, the bank provides social housing financing, which includes the newly launched Tasheel+ Instant Housing Finance. This allows customers to access funding of up to 91,000 Bahraini Dinars, with evaluation criteria based on beneficiaries’ monthly incomes ranging from BHD 600 to BHD 1,200. This ensures quick procedures and meets the various circumstances of customers, along with other financial solutions designed to cover the needs of Bahraini families.

Commenting on the partnership, Mr. Mazin Dhaif, Chief Retail Officer at Al Baraka Islamic Bank stated: “Our innovative financing solutions are designed to meet the evolving needs of Bahraini families, fostering economic growth and creating an attractive environment for real estate investment. Therefore, we have designed a range of innovative real estate financing solutions that meet the actual needs of Bahraini families. These include financing for the purchase of ready-to-move-in homes, as well as construction finance for land purchases and building one’s dream home at once—key offerings that set the bank apart in serving its customers.”

Mr. Ali Abdulla, CEO of Delmon Gate Real Estate added, “The expansion of this strategic partnership will offer citizens a genuine opportunity to own homes that meet their needs and secure a stable future. It also reflects our company’s commitment to providing sustainable and innovative housing solutions that support the national economy through a comprehensive approach integrating banking and real estate expertise.”

Al Baraka Islamic Bank is a leading Islamic bank in the Kingdom of Bahrain. Since its establishment in 1984, it has delivered outstanding results in operations and services for both individual and corporate clients. The bank has a proven track record of developing and providing innovative Shari’a-compliant investment solutions to a diverse global client base.