Al Baraka Islamic Bank Establish and Finance "Danat Al Baraka" housing project

Al Baraka Islamic Bank Establish and Finance

In line with its vision and strategy in contributing to the development of housing and real estate projects, which are under the umbrella of the Ministry of Housing and the Housing Bank in Bahrain, Al Baraka Islamic Bank BSC (c) has established and financed "Danat Al Baraka" project, consisting of 208 housing units in partnership with investors from the private sector.

The project is one of the very important and vital projects in the country and a source of pride for Al Baraka Bank; being widely watched by highest government authorities in Bahrain, led by His Royal Highness Prince Khalifa bin Salman Al Khalifa, the Prime Minister.

On this occasion, Mr. Mohamed Isa Al Mutaweh  - Chief Executive Officer and Board Member of Al Baraka Islamic Bank said, "We are very pleased with the establishment and financing of Danat Al Baraka project, which is the genuine embodiment of the Islamic banking socially responsible model that the Bank commits in all its services and products, and we also are pleased to be at the forefront of financial institutions in Bahrain in implementing this initiative, which contribute to support economic development programs in the Kingdom of Bahrain, especially the vital housing sector. We like to express our thanks and appreciation to all stakeholders in the Kingdom, particularly the Ministry of housing, Ministry of Finance, the Central Bank of Bahrain and the Housing Bank on provide all support and facilities that ensured the success of this project."

For his part, Mr. Ali Yusuf Al Obaidly (partner at Danat Al Baraka) said that his perceptions for this partnership stems from his vision for its constructive development role in the framework of 2030 vision, which one of its goals is to provide adequate housing to the widest possible segments of the Bahraini society from one side, and promote fruitful partnership between the Islamic banking and real estate sectors on the other hand. Mr. Al Obaidly emphasized the importance of devoting the proper pairing value of seizing the proper  investment opportunities and to meet the basic needs of the Bahraini citizen, indicating that all of this should be in the context of constructing modern and stable Bahraini society,  where citizens enjoy basic rights, first and foremost comfortable housing.

The project is located on an area of land on Palm Avenue in Jannusan area in Manama owned by Mr. Ali Yusuf Al Obaidly, which is one of prominent merchants in Bahrain. The area of the land is estimated at 73,514 square meters. The Housing Bank will be the investment manger and developer of the project through the real estate development arm "Housing Estate." The maximum duration of the project is in the four-year limit. Al Baraka Islamic Bank will finance the construction of the project and to provide financing facilities for those wishing to buy condominiums in the project.

Al Baraka Bank and Mr. Ali Al Obaidly have recently celebrated the signing of the investment management agreement with the Housing Bank and the development agreement with the Housing Estate Company in the new  Al Baraka Banking Group headquarters in Bahrain Bay.

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...