Al Salam Bank Completes First Off-plan Social Housing finance transaction in the Kingdom

Al Salam Bank announced the completion of the first social housing financing transaction for the purchase of an off-plan residential unit  under the Government Land Development Program (GLDP) in the Kingdom of Bahrain, marking the launch of financing for beneficiaries purchasing off-plan residential units through social housing schemes. This milestone reinforces national efforts to expand home ownership opportunities for Bahraini citizens.

The transaction involved financing a beneficiary to purchase an off-plan residential unit in Danat Sanad, a project developed by Al Namal Contracting & Trading Co. W.L.L. The financing application and approval procedures were completed within one working day, in accordance with the approved financing mechanism for off-plan residential units developed through the collaboration of the Ministry of Housing and Urban Planning, Eskan Bank, and participating banks. This demonstrates both the efficiency of the financing framework and Al Salam Bank’s operational readiness to support beneficiaries under the program.

Through its participation in the program, Al Salam Bank provides eligible beneficiaries with a fast and seamless financing process, competitive profit rates, waivers on valuation fees, no down payment requirements, and administration fees. Beneficiaries are also eligible to participate in the Bank’s “Settle Your Finance” campaign, which offers exclusive prizes for social housing beneficiaries, in addition to earning loyalty reward points. 

Commenting on the milestone, Anwar Murad, Deputy GCEO – Banking, Al Salam Bank, said: “We are proud to complete Bahrain’s first financing facility for an off-plan residential unit under the Government Land Development Program, marking an important step in supporting national housing initiatives and facilitating homeownership for Bahraini citizens. Completing the financing process within one working day reflects the strong coordination between all participating entities and our commitment to delivering a seamless, efficient, and value-driven experience.”

Abdulla Taleb, General Manager of Eskan Bank, said: “Completing the first financing transaction for an off-plan residential unit within Danat Sanad reflects the operational readiness of the financing mechanism developed for off-plan housing projects through the partnership between the Ministry of Housing and Urban Planning, Eskan Bank and participating financing institutions.”

He added: “The financing framework was designed to provide beneficiaries with a clear and streamlined process that enables them to complete financing procedures from the early stages of the project. This contributes to expanding homeownership options available to citizens while providing an integrated financing ecosystem that brings together government entities, participating banks and developers. We will continue working with our partners to further enhance financing services and facilitate procedures in line with the continuous development of housing projects under the Government Land Development Program.”

Beneficiaries who have completed their reservations within the Danat Sanad project may approach Al Salam Bank to benefit from the financing facilities available under the program.