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
More Finance & Capital Market Stories
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion