Monday, August 26, 2019

Al Salam Bank signs deal with Kingdom Projects

Al Salam Bank-Bahrain, one of the pioneering Shari’a-compliant banks in the Kingdom, announced the signing of a Memorandum of Understanding (MoU) with the Kingdom Projects to facilitate property financing solutions for customers wishing to buy luxurious villas in the “Janayin Al Hamala” project. The project also includes residential villas that fits the criteria of Mazaya program (formerly known as Social Housing Financing Program) from the Ministry of Housing.

The project comprises of 148 luxurious villas ready to deliver that are designed to meet the requirements of a modern Bahraini family and it offers customers with 5 different types of villas, ranging to 220m² that consists of 4 bedrooms, 3 bathrooms, large majlis room, living room, kitchen, balconies, store, housekeeping room and 2 parking spaces.

Present at the signing ceremony held at the Bank’s headquarter office in the Bahrain World Trade Center were Mr. Anwar Murad – First Deputy CEO of Al Salam Bank-Bahrain and Kingdom Projects, along with senior officials at the bank.

Speaking at the signing ceremony, Mr. Anwar Murad, First Deputy CEO of Al Salam Bank-Bahrain said: “We are pleased to sign this agreement which is in line with our commitment to facilitate our customers’ with modern and distinguished real estate development projects that are designed to suit their lifestyle and aspirations. The partnership between the two institutions will enable to provide financing to all Mazaya beneficiaries, which includes competitive profit rates, flexible financing terms, without a down payment on the amount subsidized by the Government of Bahrain and they can also benefit from obtaining a top-up of the financing amount on their subsidized financing facilities. In addition, customers who are not eligible for Mazaya program and who wish to purchase a villa in the Janayin Al Hamala project can also avail our Shari’a-compliant financing solutions.

Mr. Anwar Murad further added: “At Al Salam Bank, we continue to endeavor our efforts to bring customers with innovative Shari’a-compliant products and unique services that that complements their financial requirements.”

The Janayin Al Hamala community will abound with approximately 1,000 affordable residential dwelling units on either side of the subdivision plus recreation parks in each locality and in parallel with the main township road. The Project is strategically situated in an area conducive for residential villas, apartment buildings and community development with its recreational parks, retail areas, educational institutions, a Petrol Station and Supermarket covering an overall mass area of 630,329 square meters and saleable plot areas of 395,101 square meters sited purposefully and functionally integrated in various locations of the locality to support the residents and community as a whole, giving it a stronger neighborhood character with walkability to transit access and service areas. The community is located in the heart of Hamala in an exceptionally smooth terrain accessible through the Al Mazare’a Highway at the South end from Jasra or Hamad Town and in the North from Hamala Avenue.

For information on the project, please contact the sales office on 77112225 or 38802121 and to apply for the Bank’s property financing, please contact our dedicated Relationship Managers – Wael Alhoori: 39115795 or Taha Fareed: 37373780 or call our customer care service (+973) 17005500 for further assistance.

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