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Al Baraka Islamic unveils special offers for 211-unit Bahrain project

May 10, 2021
islamic finance

Al Baraka Islamic Bank (AIB), a leading Bahraini financial institution specialising in the field of Islamic banking, has signed an agreement with Eskan Bank to launch exclusive financing offers for the residential units of Danat Al Baraka project.

Located in Janusan, the Danat Al Baraka is one of the most prominent housing projects in the kingdom, featuring 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, built on a 73,514 sq m area, is considered the fifth in a series of Danat projects, which includes: Danat Al Madina, Danat Al Riffa, Danat Al Seef and Danat Al Lawzi.

Customers who are interested in purchasing a residential unit within the project will be able to do so starting from May 19, said the statement from AIB.

Eskan Bank has been signed up as the investment manager of the project, while its wholly-owned subsidiary Eskan Properties is the development manager.

Through this partnership, Al Baraka Islamic Bank aims to provide its customers with unprecedented real estate financing offers to help ease the process of owning a residential unit within the “Danat Al Baraka” project.

On the financial offer, Danat Al Baraka Board Chairman Tariq Kazim said: 'We are delighted to be partnering once again with Eskan Bank to ease the process for customers wishing to purchase residential units within the Danat Al Baraka project.

Fatema AlAlawi, Head of Retail Banking at Al Baraka Islamic Bank, said: 'This financing offer comes as part of Al Baraka’s continuous endeavours to provide diversified real estate financing solutions that exceed our customers’ expectations and facilitate the process of purchasing residential units.'

'We strive to continuously work closely with such reputable institutions to achieve the housing development goals as outlined in the Economic Vision 2030,' she stated.

Ahmad Tayara, Chief Business Officer & Deputy General Manager at Eskan Bank, said: 'We are delighted to have AlB provide customers with shari’a compliant mortgage solutions and help ease the process of owning a first home in Danaat Al Baraka project.'

'The affordable residential segment of the real-estate sector has been resilient in light of the pandemic helped by with private sector developers and local retail banks working in tandem for the supply of such housing units,' noted Tayara.

'We shall continue to strive to fulfil all housing requirements of Bahraini families through our ongoing partnerships with developers and leading banking institutions within the kingdom,' he added.