Al Baraka Islamic Bank Partners with Orchid Development to Offer Home Financing Solutions

Al Baraka Islamic Bank, one of the leading Islamic banks in the Kingdom of Bahrain, has announced the signing of a Memorandum of Understanding (MoU) with Orchid Development, developer of the new residential project, Orchid Beach Residence, located in Water Garden City, Seef District. This partnership reflects the bank’s commitment to supporting Bahrain’s expanding real estate sector by providing seamless, Sharia-compliant financing solutions for customers aspiring to own residences within this distinguished project, which blends modern architecture, integrated lifestyle, and luxury waterfront amenities.

The signing ceremony was held on the sidelines of Cityscape Bahrain 2025, attended by senior managers and officials from both parties.

Under the MoU, Al Baraka Islamic Bank will offer a variety of tailored, Sharia-compliant real estate financing options designed for prospective unit buyers at Orchid Beach Residence. Eligible customers will benefit from competitive profit rates, flexible repayment periods, streamlined approval processes, and dedicated advisory services throughout their ownership process. This collaboration aims to facilitate investment in one of Bahrain’s most prominent waterfront developments.

The agreement marks a significant addition to the bank’s network of partnerships with leading real estate developers within the Kingdom, especially as Water Garden City continues to establish itself as a premier residential destination featuring world-class retail and leisure facilities. The partnership reflects both parties’ dedication to supporting sustainable urban development and delivering innovative financial solutions that enhance market attractiveness and improve the homeownership experience for customers.

On this occasion, Mr Mazin Dhaif, Chief Retail Officer at Al Baraka Islamic Bank, stated, “We are pleased to sign this MoU with Orchid Development, supporting customers’ aspirations to own residences in the Orchid Beach Residence project, which comprises a qualitative addition to Bahrain’s portfolio of luxury housing options. Through this collaboration, we reaffirm our commitment to providing competitive, flexible, and Sharia-compliant financing solutions that align with our customers’ vision of a modern, integrated lifestyle.”

He added, “The bank continues to strengthen its role in empowering customers by collaborating with trusted developers who share our vision of building sustainable urban communities. We look forward to exploring new opportunities that enable clients to invest in one of the most prominent new real estate destinations.” For his part, Dr Bashar Ahmadi, CEO of Orchid Development, commented, “Partnering with Al Baraka Islamic Bank is a strategic step to enhance the appeal of Orchid Beach Residence, offering buyers flexible and accessible financing options to support confident ownership decisions. The project enjoys a prime location within Water Garden City, featuring contemporary design and comprehensive amenities that cater to upscale living.”