Latest news with #EskanBank
Gulf Insider
03-05-2025
- Business
- Gulf Insider
Bahrain: Court Orders Sale of BD 159,000 Malkiya Home in Divorce Dispute
A Malkiya home at the centre of a dispute between a divorced couple will be sold after a court ruled it could not be divided under planning laws. The decision came after the wife pushed for a public auction, with the court agreeing that neither the layout nor the zoning regulations allowed the property to be split between the two. A valuation expert assessed the property at BD158,509, granting each party a share of BD79,254.5 after settling the mortgage owed to Eskan Bank. The expert had recommended awarding the house to the ex-husband on the condition he pay his former wife her share. However, the payment never materialised, prompting the court to back the wife's call for a sale. Eskan Bank, which held the mortgage, objected to any attempt to divide the property, arguing that it would compromise its financial security. The Urban Planning and Development Authority also raised concerns over zoning restrictions.
Daily Tribune
03-05-2025
- Business
- Daily Tribune
Court orders sale of BD 159,000 Malkiya home in divorce dispute
A Malkiya home at the centre of a dispute between a divorced couple will be sold after a court ruled it could not be divided under planning laws. The decision came after the wife pushed for a public auction, with the court agreeing that neither the layout nor the zoning regulations allowed the property to be split between the two. A valuation expert assessed the property at BD158,509, granting each party a share of BD79,254.5 after settling the mortgage owed to Eskan Bank. The expert had recommended awarding the house to the ex-husband on the condition he pay his former wife her share. However, the payment never materialised, prompting the court to back the wife's call for a sale. Eskan Bank, which held the mortgage, objected to any attempt to divide the property, arguing that it would compromise its financial security. The Urban Planning and Development Authority also raised concerns over zoning restrictions.
Daily Tribune
25-04-2025
- Business
- Daily Tribune
Shura Council may turn down MPs' push to scrap 2% fee for first-time property transfers and gift tax
A proposal to waive the 2 per cent fee for first-time property transfers, along with charges on gifts valued above BD50,000, is expected to be rejected by the Shura Council on Sunday. The measure has drawn strong objections, with warnings that it would cut into public revenue and leave room for misuse. A similar draft was turned down during the fifth legislative term. Lawmakers backing the draft say it would ease the financial burden on families trying to buy or pass on a home, especially those already under pressure from upfront costs. Financial strain The idea is to remove fees for first-time residential property transfers, and for certain gifts of property, to help more Bahrainis secure housing without added financial strain. The draft, introduced by the elected chamber, seeks to amend Article 59 of the Property Registration Law to allow a one-time exemption from registration charges for Bahrainis. However, the Council's Public Utilities and Environment Committee and the government argue that the goal is already being met and that the change would raise problems. Housing loans Current law exempts those who take housing loans from Eskan Bank from these charges, up to the value of the loan. That system is based on the individual, not the transaction. According to the committee and the government, shifting the basis of exemption could lead to people using others who have never owned property to sign sham contracts and claim the exemption. The government has also noted that any measure likely to reduce public revenue must first be agreed with the Cabinet, in line with the Constitution. The Survey and Land Registration Bureau backed these concerns, warning that the proposed change would reduce income from a key stream of nonoil revenue. Enforcement and fairness It said the purpose of the amendment is already addressed by existing laws. Legal advisers raised further concerns about enforcement and fairness. Members of the committee also pointed out that the current system has not given rise to major issues. The 2 per cent registration fee is already subject to a 15 per cent discount if the transaction is filed within 60 days. This gives buyers an incentive to act swiftly without stripping income from the state.
Daily Tribune
25-04-2025
- Business
- Daily Tribune
BisB, Eskan Bank unveil ‘Tasheel Plus' Housing Financing
In line with its strategic commitment to supporting national housing initiatives across the Kingdom, Bahrain Islamic Bank (BisB), the leading provider of Islamic digital banking services in the Kingdom of Bahrain, has signed a strategic agreement with Eskan Bank. This agreement will provide housing financing for citizens under ' Tasheel+' financing programme recently launched by the Ministry of Housing and Urban Planning in collaboration with Eskan Bank. The signing ceremony took place on the sidelines of the the Innovation Housing Summit & Conference 2025, currently being held at the Bahrain International Exhibition and Convention Centre in Sakhir from April 23-25. Under this agreement, eligible citizens will be able to benefit from the ' Tasheel+' programme by obtaining immediate mortgage financing services from BisB. These services will be Sharia-compliant and specifically designed to offer easy and convenient financing solutions, meeting the needs of Bahraini families in acquiring their dream homes with swift & easy approvals. During the Innovation Housing Summit & Conference 2025 period at the Bahrain International Exhibition and Convention Centre, citizens benefiting from the ' Tasheel+' program will have the opportunity to receive financing approval for their housing units in just 5 minutes. They can visit the bank's booth at the exhibition to know more about the features of the Sharia-compliant financing, which covers 100% of the housing unit's purchase price. Additional benefits include free life and fire insurance coverage, a grace period of up to 6 months for instalment payments, payment of electricity and water bills for a full year, and free internet service for a full year. Flexible refinancing up to 30 years are also available. This agreement is part of the Ministry of Housing and Urban Planning and Eskan Bank's plan to expand the financing options and housing solutions available to citizens. The recently launched ' Tasheel+' programme offers numerous new features for citizens seeking immediate housing financing services. The maximum financing amount offered by this new option is BD 91,000, and citizens with a monthly income of no less than BD600, and not more than BD1,200 can benefit from this financing option to obtain housing. The financing amount will be determined based on the applicant's monthly income at the time of application. Mr. Faisal Al Abdullah, Chief Retail Banking Officer at BisB, stated: 'We are proud to sign this agreement, which reflects our steadfast approach as a leading Islamic financial institution in the Kingdom in supporting national housing programmes. This is part of our social responsibility to serve the community we have been active in for decades, enabling them to own their homes with ease and flexibility, in line with Bahrain's Economic Vision 2030 to achieve housing welfare and living prosperity for citizens.'
Biz Bahrain
25-04-2025
- Business
- Biz Bahrain
Diyar Al Muharraq Opens Sales for Al Wasem Plots through 'Tas'heel+'
Diyar Al Muharraq, Bahrain's largest real estate developer, took part in the Innovation Summit 2025 in the Social Housing Sector, held under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister. The summit took place from April 23 to 25 at the Exhibition World Bahrain Centre. The Summit witnessed the introduction of 'Tas'heel +', the latest financing solution launched by the Ministry of Housing and Urban Planning in collaboration with Eskan Bank. In conjunction with this initiative, Diyar Al Muharraq announced the opening of sales for residential plots within its Al Wasem development, allowing aspiring homeowners to benefit from Tas'heel + financing. Commenting on the occasion, Eng. Ahmed Ali Alammadi, Chief Executive Officer of Diyar Al Muharraq, stated: 'We are honored to take part in the 2025 Innovation Summit and Exhibition in the Social Housing Sector and present residential plots from Al Wasem at this prominent real estate event. Through this step and the launch of sales under the new Tas'heel + financing scheme, we aim to empower more citizens to realize their dream of building a lifelong home within a modern, integrated community. This initiative also reinforces our firm belief in the importance of strengthening public-private collaboration to support the national housing sector.' Al Wasem is the first project in Diyar Al Muharraq's Northern Islands and boasts a prime and exceptional location, surrounded by upscale commercial centers and prestigious international educational institutions. The development features wide internal streets measuring 20 meters in width and offers a range of residential plot options, including 58 exclusive waterfront plots starting at 360 sqm, in addition to 81 inland plots starting from approximately 302 sqm. The exhibition featured a special offer on Al Wasem plots, with prices starting from BHD 91,000 in alignment with the Tas'heel + financing program. Diyar Al Muharraq is Bahrain's largest integrated residential city that blends luxury with the core family values of Bahraini society. The development offers a wide range of housing solutions and contemporary lifestyles, complemented by a mix of residential, commercial, recreational, and healthcare facilities that embody the vision of modern, future-ready urban infrastructure.
