AlBaraka.Header.Logo.Title عربي

Al Baraka Bank Signs MOU with Diyar Al Muharraq to Finance Jeewan Villas Project

Al Baraka Bank Signs MOU with Diyar Al Muharraq to Finance Jeewan Villas Project

Al Baraka Islamic Bank BSC (c) signed a memorandum of understanding with Diyar Al Muharraq at the headquarters of the Bank in Bahrain Bay. The MOU was signed on behalf of the Bank by Mr. Tariq Kazim, acting CEO and Dr. Maher Al Shaer, CEO on behalf of Diyar Al Muharraq.

In accordance with the MOU, the Bank will extend financing facilities to customers wishing to purchase villas in Jeewan Villas for the social housing project, which is part of Deerat Al Oyoun project. The Jeewan villas are located in the southern part of the Deerat Al Oyoun project, near the entrance to Diyar Al Muharraq. The Project includes 173 villas that are dedicated to those citizens benefiting from the Mazaya social housing program introduced by the Ministry of Housing, with prices of each villa starting from BD 99,990. The specifications of the Jeewan Villas vary in order to meet the diverse needs of different set of homeowners accordingly. The Jeewan Villas combine traditional and modern architectural designs, and they include three differing types, namely, the Modern Tropical Villas, the French Chateau Villas and the Classical Art Deco Villas, which are aimed to suit different tastes.

On this occasion, Mr. Tariq Kazim, Acting CEO of Al Baraka Islamic Bank said: "We are delighted to demonstrate once again our active partnership with the largest real estate developers in our Kingdom in order to provide housing units to citizens benefiting from the Mazaya social housing program introduced by the Ministry of Housing, through one of the leading housing projects within Deerat Al Oyoun under Diyar Al Muharraq, which is Jeewan Project. The Bank will provide financing for those wishing to purchase residential units in this project on competitive terms and rates. The Bank has also entered into a number of agreements with the Ministry of Housing, Housing Bank and real estate developers in order to provide financing facilities for those wishing to buy housing units in projects implemented by these parties on competitive terms and prices suitable for different categories of customers”

Dr. Maher Al Shaer, CEO of Diyaar Al Muharraq, said: "We are pleased to sign this agreement for Jeewan villas, which is a part of Deerat Al Oyoun, with Al Baraka Islamic Bank, which aims to enhance investor confidence and ensure customers' rights when selling projects on the scheme. These efforts are to ensure that work is conducted according to the schedule and to contribute to improving the standard of living and quality of life of citizens through the development of projects that meet all their housing needs. "



Top products

Savings Account

With our Saving Account, you can experience an equal and beneficial partnership. When you deposit your savings with Al Baraka, we invest your mon...

Current Account

You can benefit from our Current Account as an individual, a company, a club, a social organization, or any other similar entity. With this on-demand ...

Accelerated investment Account

Accelerated investment Account is a term deposit plan based on investment Wakala where the expected profit rate increases every 6 months and is paid o...

Yusr Personal Finance

'Yusr' Finance, aims to provide financing solutions for all of our customers' personal needs in accordance with the principles of Islamic ...

This website uses cookies to improve your experience on the website as they enable you to enjoy certain features on the website such as messages tailored to your needs. They also help us understand how the site is being used so that we can continuously improve it. You may disable these by changing your browser settings, but this may affect how the website functions. By clicking on Agree, you accept the use of cookies. Please read our Privacy Policy for more information.