Al Baraka Islamic Bank launches first flexible real estate finance in Bahrain
Al Baraka Islamic Bank, one of the leading Islamic banks in the Kingdom of Bahrain, has announced the launch of a unique, innovative real estate financing product. The first of its kind in the Kingdom, 'Flexible Real Estate Finance' is based on the interest rates between banks in Bahrain (BHIBOR).
Flexible Real Estate Finance is distinguished by its flexibility in adjusting the future rental (instalment) or finance tenor by adjusting the profit rate according to the changes in the interest rates between banks in Bahrain (BHIBOR) every six months, since the profit rate may rise or fall depending on market changes, allowing customers to benefit from lower rates in the event of a decline.
This new product targets individuals wishing to avail mortgage finance to purchase land or residential units or for construction, and who prefer to benefit from the advantages of the variable profit rate. The bank confirms that this product represents an ideal choice for customers seeking flexible financing solutions that are compatible with market changes which enable the customer to reduce the cost of financing. The customer can also switch to any other suitable financing structure at any desired time without additional cost.
In a statement, Dr. Adel Salem, Chief Executive Officer of Al Baraka Islamic Bank, said: 'We strive to be the first to offer various banking services and products that provide an exceptional experience to our customers and fulfil their various aspirations, especially with regards to financing solutions that prioritise them in various circumstances. The Flexible Real Estate Finance product also falls in line with the bank's endeavours to support the real estate movement in the Kingdom by providing innovative and unique solutions.'
For his part, Mazin Dhaif, Chief Retail Officer at Al Baraka Islamic Bank, added: 'We are proud to be pioneers in offering this innovative product that meets the needs of a customer segment in a flexible manner. We are confident that this product will be an ideal choice for individuals seeking real estate financing that adapts to changing market conditions to benefit from that change.'
The launch of this product comes within the framework of Al Baraka Islamic Bank's strategy to enhance its financing portfolio and provide innovative solutions that meet the Bahraini market's growing needs in the real estate financing sector. Through this launch, the bank aims to strengthen its position as one of the leaders of the Islamic financial market in Bahrain, offering distinguished services and banking products that meet the needs of customers in an integrated and flexible manner.
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