Bahrain banks launch new finance product
Manama, February 7, 2012
The Bahraini Saudi Bank and Al Salam Bank-Bahrain have launched a new Murabaha-based personal finance product that meets liquidity requirements of individuals.
The new Shari’a-compliant product Tayseer is a flexible financing product that can provide liquidity up to BD250,000 ($663,000), with a payment period that can extend up to 84 months and a grace period for three months.
Tayseer’s annual profit starts at 3.5 per cent with a low APR of 6.09 per cent with installments being paid in equal amounts.
Abdul-Karim Turki, Retail Group head in Al Salam Bank-Bahrain said that the bank had dedicated efforts in 2011 to prepare the retail services staff and the two banks’ infrastructures for the introduction of new products in 2012, where Tayseer was the first to be launched.
“Hence, we are working to introduce a new package of products in 2012 that would fulfill the needs of our clients and customers,” he said.
“Many considerations were taken into account when Tayseer personal finance was designed to make its features distinguished with flexibility, Shari’a-compliance as well as easy and quick application procedures,” he added.
Tayseer personal finance is available at all branches of the Bahraini Saudi Bank and Al Salam Bank-Bahrain, a statement said. – TradeArabia News Service