Al Salam Bank-Bahrain (ASBB), a major Shari’a-compliant bank, has launched a new finance scheme for its customers buying properties in two key projects of Manara Developments - Kenaz Al Bahrain project in Al Qadam and Wahati project in Muharraq area of the kingdom.

A leading property development company in Bahrain, Manara has designed these residential apartments specifically to meet the Bahraini family requirements with elegance and modernity in its size, interior and exterior designs.

The total area size in Kenaz Al Bahrain is 157 sq m and for Wahati in Muharraq its 133.6 sq m featuring three spacious bed room, big sitting and living room, 4 bathrooms, kitchen, maid room and car parking space.

Under its exclusive Dari Property promotion, ASBB is offering a range of benefits including competitive profit rates, low down payment, monthly installments as low as rent and cash back rewards up to BD5,000 ($12,833), said Anwar Murad, the deputy group CEO (Banking), after signing the deal with Dr. Hassan Al Bastaki, the managing director of Manara Developments.
 
The signing ceremony held at the ASBB headquarters in the Bahrain World Trade Center was attended by Mohammed Buhijji, the acting head of retail banking along with other senior officials from both institutions.

"As a customer-centric local bank, we have always strived to conceptualize and deliver value-added Shari’a-compliant products and services designed to address the various needs of our customers," stated Murad.

"This new promotion will offer customers the best of both worlds when applying for Dari Property financing; lower monthly installments as well as cash back rewards valued up to BD 5,000 including competitive profit rates and low down payment," he added.

Murad said the offer is also open to all beneficiaries of “Mazaya” social housing scheme.

"In addition, customers will also benefit from the exclusive market price when buying their dream home through Al Salam Bank. We will continue to provide customers with more exciting product offers in the future," he noted.

Dr Al Bastaki said this agreement with ASBB reflects the commitment from both institutions towards facilitating the housing needs to citizens of Bahrain across all respective income groups with exclusive rates.

"Our aim is to offer affordable and quality houses that contributes to deliver modern housing units that fits the Bahraini family needs," he noted.

"Keeping in line with the government and Ministry of Housing strategy, we will continue to develop housing projects with diverse options for the Bahraini families and beneficiaries of Mazaya Social Housing scheme and beneficiaries of government housing eligible for Eskan Bank financing which will make it even easier to obtain the necessary financing from banks in Bahrain," he added.-TradeArabia News Service