Bahrain-based Al Baraka Islamic Bank has launched a competitive promotional campaign for mortgage and vehicle finance with very low profit rates and a grace period of up to four months.

 

The new offer also includes many unique features and will continue until December 31.

 

The offer includes charging low profit rates for financing residential properties and the purchase of cars, in addition to giving grace period to client to start paying the vehicle finance first instalment up to four months, with the freedom to choose to pay an advance payment of the financing and transferring his/her salary to the bank.

 

The auto finance campaign also includes waiving the life insurance fee (optional), and extending the financing period up to seven years.

 

"Through the continued promotional offers and added-value services it offers, the bank is committed to proceed with the implementation of its strategy to strengthen its presence and share in the local market and at the same time meet the various financing needs of customers," Al Baraka Islamic Bank chief executive and board member Mohamed Al Mutaweh said.

 

The bank's assistant general manager for retail banking and domestic branches Rashid Alalaiwi said: "Our aim from this initiative is to ease the financial burden for our customers, as we fully understand their need for more flexibility in repayment and the cost of financing facilities, which we hope will help them to bear their financial burden during this season."-TradeArabia News Service