Al Baraka Bank Signs MOU with Diyar Al Muharraq to Finance Jeewan Villas Project

Al Baraka Bank Signs MOU with Diyar Al Muharraq to Finance Jeewan Villas Project

Al Baraka Islamic Bank BSC (c) signed a memorandum of understanding with Diyar Al Muharraq at the headquarters of the Bank in Bahrain Bay. The MOU was signed on behalf of the Bank by Mr. Tariq Kazim, acting CEO and Dr. Maher Al Shaer, CEO on behalf of Diyar Al Muharraq.

In accordance with the MOU, the Bank will extend financing facilities to customers wishing to purchase villas in Jeewan Villas for the social housing project, which is part of Deerat Al Oyoun project. The Jeewan villas are located in the southern part of the Deerat Al Oyoun project, near the entrance to Diyar Al Muharraq. The Project includes 173 villas that are dedicated to those citizens benefiting from the Mazaya social housing program introduced by the Ministry of Housing, with prices of each villa starting from BD 99,990. The specifications of the Jeewan Villas vary in order to meet the diverse needs of different set of homeowners accordingly. The Jeewan Villas combine traditional and modern architectural designs, and they include three differing types, namely, the Modern Tropical Villas, the French Chateau Villas and the Classical Art Deco Villas, which are aimed to suit different tastes.

On this occasion, Mr. Tariq Kazim, Acting CEO of Al Baraka Islamic Bank said: "We are delighted to demonstrate once again our active partnership with the largest real estate developers in our Kingdom in order to provide housing units to citizens benefiting from the Mazaya social housing program introduced by the Ministry of Housing, through one of the leading housing projects within Deerat Al Oyoun under Diyar Al Muharraq, which is Jeewan Project. The Bank will provide financing for those wishing to purchase residential units in this project on competitive terms and rates. The Bank has also entered into a number of agreements with the Ministry of Housing, Housing Bank and real estate developers in order to provide financing facilities for those wishing to buy housing units in projects implemented by these parties on competitive terms and prices suitable for different categories of customers”

Dr. Maher Al Shaer, CEO of Diyaar Al Muharraq, said: "We are pleased to sign this agreement for Jeewan villas, which is a part of Deerat Al Oyoun, with Al Baraka Islamic Bank, which aims to enhance investor confidence and ensure customers' rights when selling projects on the scheme. These efforts are to ensure that work is conducted according to the schedule and to contribute to improving the standard of living and quality of life of citizens through the development of projects that meet all their housing needs. "

 

 

Top products

Current Account

Current Account

You can benefit from our Current Account as an individual, a company, a club, a social organization, or any other s...

Gold Card

Gold Card

Along with its excellent benefits, the MasterCard Gold Credit Card gives you access to some of the most competitive fees in the market, making s...

Savings Account

Savings Account

With our Savings Account, you can experience an equal and beneficial partnership. When you deposit your savings wit...

Tamkeen Finance

Tamkeen Finance

Now, you can grow your business further with SME Finance from Al Baraka Islamic Bank in partnership with Tamkeen. For over a decade, Tamkeen has...

Current Account

Current Account

Benefit from our Current Account as an individual, a company, a club, a social organization, or any other similar e...

Investment Account

Investment Account

We’ve made investing safe and simple for you. Now you can deposit  a specific sum of money for a selecte...

Working Capital Finance

Working Capital Finance

This includes financing the import of goods or the purchase of such goods from the local market as well as other sh...

Property Finance

Property Finance

Whether you want to take the reins of security by acquiring real estate as long as you wish to own it, through the ...

Building/Home Insurance

Building/Home Insurance

Treat your life’s investments responsibly with our Building and Home Insurance, suited to any eventuality of damage or loss. From fire dam...

Treasury & Capital Markets

Treasury & Capital Markets

The treasury department of AIB are mandated to manage the overall liquidity position of the bank by securitizing me...

Investments & Structured Finance

Investments & Structured Finance

The Investments and structured finance division are comparable to those of Asset Management and Private Placement a...

Term Finance

Term Finance

Al Baraka Islamic Bank provides you with a wide range of Islamic Sharia' products to meet your corporations fin...

Investment Accounts

Investment Accounts

Investing made safe and simple. Deposit a specific sum of money for a selected period of time  (1, 3, 6, 9, or...

Travel Insurance

Travel Insurance

Your holiday should be for enjoying and relaxing, not worrying. With our comprehensive Travel Insurance offering, you can sit back knowing that ...

Titanium Card

Titanium Card

Discover a world of opportunities and rewards with MasterCard Titanium Credit Card. As part of our commitment ...

Car Finance

Car Finance

Our Auto Finance works based on a Murabaha contract, which is an Islamic type of financing assets with a predetermi...

Platinum Cards

Platinum Cards

With your MasterCard Platinum Credit Card, you can unlock new possibilities with every swipe. Not only getting...

Other Goods Finance

Other Goods Finance

Other Goods Finance works based on a Murabaha contract, which is an Islamic type of financing assets with a predete...

Car Insurance

Car Insurance

Your car is as much a valuable asset as it is a bringer of precious memories. Our Car Insurance comes in three insurance plans: Silver, Gold, an...

Personal Accident Insurance

Personal Accident Insurance

No one ever plans on having an accident. With Personal Accident Insurance, you can at least plan for the aftermath, with full coverage to protec...

Services Finance

Services Finance

With Services Finance, we can work together to create our future. We lease you the service you require for educatio...

Life Insurance

Life Insurance

No one knows the future, but we can help you plan for it. With our Life Insurance plan, you can rest assured that you and your loved ones are pr...

Trade Finance

Trade Finance

These facilities include various financing methods, including letter of credit and letter of guarantee for the exporters and importers...