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Al Baraka Islamic Bank launches the new Mazaya campaign for Deerat Al Oyoun

March 22, 2021
islamic finance

Al Baraka Islamic Bank, one of the leading Bahraini financial institutions in the field of Islamic banking, announced the launch of its property financing offerings for the “Mazaya” beneficiaries for the second phase of “Deerat Al Oyoun” project in Diyar Al Muharraq.

Customers will be qualified to win instant cash prizes up to BD2,000 upon completing their applications for the “Mazaya” financing from Al Baraka, a reduced profit rate starting at 3.99%, with a 6-month grace period, along with waiver of down payment and banking fees. In addition, customers will be able to receive financing for up to BD120,000 over a repayment period of 30 years. Al Baraka will also offer customers with life insurance, as well as insurance against fire over the duration of the financing period.

Commenting on this campaign, Ms. Fatema AlAlawi, Head of Retail Banking at Al Baraka Islamic Bank said: “We are extremely truly pleased to be launching our new “Mazaya” campaign property financing for the second phase of villas under “Deerat Al Oyoun” project in Diyar Al Muharraq. Through this campaign, we aim to enable Bahraini citizens listed under the program to benefit from the exclusive offerings when buying one of the houses in Deerat Al Oyoun, and we strongly urge all customers to take this opportunity and benefit from our financing solutions, availed for a limited period of time.”

The “Deerat Al Oyoun” project provides modern solutions in one of the largest integrated cities in the Kingdom, offered exclusively to Bahraini beneficiaries of the Ministry of Housing “Mazaya” program. The villas have an area of ranging between 203.9 m² and 267.4 m2, featuring four bedrooms, two living rooms, seating area (majlis), kitchen, garage for two cars, and a back garden. Moreover, villas are designed to cater to the needs of Bahraini families, and they are available in four designs; Bahraini, Modern, Spanish, and Mediterranean.

The “Mazaya” financing campaign is the result of a thriving partnership between Al Baraka Islamic Bank, the Ministry of Housing, and Eskan Bank. This initiative reflects Al Baraka’s ongoing commitment to provide the best products and solutions to suit the needs of customers.

Since its establishment in 1984 in the Kingdom of Bahrain, the Al Baraka Islamic Bank B.S.C. – Bahrain has set a longstanding track record of delivering excellence, innovation and superior results. The Bank ranks among the leading providers of Islamic banking products and services to its international clientele and focuses primarily on developing innovative and distinguished Investment solutions in compliance with Islamic Sharia principles, supported by its sound financial solutions.