Al Baraka Islamic Bank signs agreement with Eskan Bank

To finance purchase of residential units under construction

TDT | Manama

Email: mail@newsofbahrain.com

Al Baraka Islamic Bank, one of the leading Islamic banks in the Kingdom of Bahrain, has announced the signing of the third addendum to the housing finance programmes agreement with Eskan Bank. This step incorporates the “Sale of Residential Units Prior to Completion” programme under the framework of joint cooperation between the two parties, enhancing citizens’ opportunities to own residential units through flexible and innovative financing solutions.

This signing comes as part of Al Baraka Islamic Bank’s ongoing commitment to actively contribute to the development of the Kingdom’s housing finance ecosystem, in line with the Respected Government’s direction to provide sustainable housing solutions and enable citizens to access suitable housing through strategic partnerships with relevant stakeholders.

The “Sale of Residential Units under construction” programme facilitates the purchase of off-plan residential units within projects under the Government Land Development Rights Programme. This provides beneficiaries with broader options while enhancing the efficiency of housing project delivery in partnership with the private sector.

Under this addendum, Al Baraka Islamic Bank joins the list of financial institutions participating in financing this type of unit, supporting faster project execution and ensuring delivery in line with the highest quality standards.

On this occasion, Mr. Mazin Dhaif, Chief Retail Officer at Al Baraka Islamic Bank, stated: “We take pride at Al Baraka Islamic Bank in continuing to strengthen our strategic partnership with Eskan Bank, which represents an advanced model of public–private sector integration in supporting the housing sector in the Kingdom of Bahrain. The signing of this addendum reflects our ongoing commitment to developing innovative financing solutions that meet citizens’ aspirations and provide them with greater flexibility in choosing their homes, including the ability to purchase units prior to completion within approved housing projects.”

He added: “We are confident that this programme will represent a qualitative addition to housing finance initiatives by expanding access to housing services. At Al Baraka Islamic Bank, we will continue to offer Sharia-compliant financing solutions that support urban development in the Kingdom and enhance social stability for citizens.”

For his part, Mr. Ebrahim Jassim, Assistant General Manager – Commercial & Institutional Banking at Eskan Bank, commented: “This collaboration with Al Baraka Islamic Bank represents an important step within our ongoing efforts to develop housing finance programmes, contributing to improved project execution efficiency and expanding the financing options available to citizens, enabling them to own their residential units at early stages of development.”

He added: “At Eskan Bank, we are keen to establish effective partnerships with national financial institutions, supporting the sustainability of the housing sector and enhancing the quality of services provided to citizens. The Sale of Residential Units Prior to Completion programme is one of the key initiatives that contributes to accelerating housing delivery and improving project implementation efficiency.”

This signing reaffirms Al Baraka Islamic Bank’s commitment to continuing its leading role in providing integrated Islamic banking solutions that meet individual needs, while strengthening its contribution to supporting national initiatives and reinforcing its position as a key partner in achieving sustainable development in the Kingdom of Bahrain.