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Al Baraka inks finance deal with Burooj Property Development

April 18, 2022
islamic finance

Al Baraka Islamic Bank, one of the leading Bahraini financial institutions, has signed a MoU with Burooj Property Development to provide sharia’a compliant real estate financing solutions to customers looking to buy residential units within the properties of Burooj Property Development in the kingdom.

The ceremony, held at the bank’s headquarters in Bahrain Bay, was attended by Tareq Kazim, General Manager – Business Group at Al Baraka Islamic Bank, and Mahmood Khalid, Managing Director of Burooj Property Development, alongside several executives from both parties.

As per the deal, Al Baraka will be offering sharia’a compliant real estate financing solutions to customers who are keen to buy housing units from Burooj Property Development. Customers will also be able to enjoy competitive profit rates in addition to more advantages when purchasing their real estate products.

Burooj is a leading property development company in the kingdom with experience spanning over 40 years in the field. It has developed numerous real estate projects in collaboration with the Ministry of Housing under the Mazaya Social Housing Financing Scheme, as well as other luxury residential towers, including Burooj Residences located in Amwaj and Ivory Tower in Juffair.

The projects include prestigious apartments with multiple facilities, including a reception lounge, swimming pool, garden, gym and entertainment center, as well as topline elevators and private parking for residents.

On the deal, Deputy CEO Tareq Kazim said: 'Al Baraka’s efforts continue to focus on providing the best financial solutions for customers. We ensure providing a seamless experience and a comprehensive service to address all their financial needs.'

'We are pleased to be undergoing this strategic partnership with Burooj Property Development to support our customers in buying their very own real estate properties and utilizing our current financing products with lower profit rates,' stated Kazim.

This initiative will contribute to developing the real estate sector and meeting the growing demand for different real estate offerings in Bahrain in support of the Kingdom’s Economic Vision 2030.

'We assure our commitment to improve the banking experience and look forward to delivering the highest quality services, products and financing offers to our loyal customers,' he added.

Through this partnership, Al Baraka Islamic Bank and Burooj Property Development will introduce clients to exclusive real estate opportunities. The two-year agreement will ensure that all customers can benefit from these exclusive offers.

Burooj Property Development Managing Director Mahmood Khalid said: 'We are extremely proud to be partnering with Al Baraka Islamic Bank to provide sharia’a compliant private financing facilities for customers wishing to purchase one of our real estate solutions located in different areas in the kingdom.'

'Through this collaboration, we will be enhancing our available real estate offerings to suit all of our customers’ needs and preferences. We aim to strengthen the partnership between the real estate sector and the financial sector in support of the economic growth in the kingdom,' he added.

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