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Al Baraka Islamic Bank launches Danat Al Baraka project

April 6, 2021
islamic finance

Al Baraka Islamic Bank (AIB), one of the leading Bahraini financial institutions in the field of Islamic banking, announced the launch of the “Danat Al Baraka” project in Janusan, one of the most prominent housing and real estate projects under the umbrella of the Ministry of Housing and Eskan Bank in the Kingdom of Bahrain.

The project was officially inaugurated by Minister of Housing, Engineer Basim Bin Yacob Al Hamer, on Sunday April 4, 2021. The residential units of the “Danat Al Baraka” project are available for immediate purchase within the “Mazaya” program for social housing. Eskan Bank will be managing investments in the project, whereas Eskan Properties, a wholly-owned subsidiary of Eskan Bank, managed and supervised the project development work.

The “Danat Al Baraka” project includes 211 modern villas with four different contemporary designs, each consisting of two floors with 4 rooms, a spacious hall, a kitchen and annex for a domestic worker, and a garage consisting of two parking spaces. The project is built on a land of 73,514 square meters in Janusan. The project is considered the fifth in a series “Danat” projects, which includes: “Danat Al Madina”, “Danat Al Riffa”, “Danat Al Seef” and “Danat Al Lawzi”.

Commenting on the launch, Mr. Tariq Kazim, General Manager – Business Group at Al Baraka Islamic Bank and the Chairman of Danat Al Baraka Board said: “Firstly, we are grateful for the sponsorship of his Excellency Eng. Basem Bin Yacoob Al Hamer, Minister of Housing, and the inauguration of the “Danat al Baraka” project, which commenced work in 2016 and was completed according to the set timeframe, despite the circumstances and challenges that we faced. We would also like to thank the main construction contractor “Ahmed Omer Trading & Contracting Establishment” for their relentless efforts to ensure the timely completion of the project.”

“We are pleased to be at the forefront of financial institutions in the Kingdom of Bahrain who will be providing exclusive financing offers for this project and are proud of the attention it has received from the concerned authorities, following the directions of the late His Royal Highness Prince Khalifa bin Salman Al Khalifa. We also extend our thanks and appreciation to the Ministry of Housing, the Ministry of Finance, the Central Bank of Bahrain and Eskan Bank for providing all means of support and facilities that have secured the success of the project,” he added.

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.