In line with its vision and strategy in contributing to the development of housing and real estate projects, which are under the umbrella of the Ministry of Housing and the Housing Bank in Bahrain, Al Baraka Islamic Bank BSC (c) has established and financed "Danat Al Baraka" project, consisting of 208 housing units in partnership with investors from the private sector.
The project is one of the very important and vital projects in the country and a source of pride for Al Baraka Bank; being widely watched by highest government authorities in Bahrain, led by His Royal Highness Prince Khalifa bin Salman Al Khalifa, the Prime Minister.
On this occasion, Mr. Mohamed Isa Al Mutaweh - Chief Executive Officer and Board Member of Al Baraka Islamic Bank said, "We are very pleased with the establishment and financing of Danat Al Baraka project, which is the genuine embodiment of the Islamic banking socially responsible model that the Bank commits in all its services and products, and we also are pleased to be at the forefront of financial institutions in Bahrain in implementing this initiative, which contribute to support economic development programs in the Kingdom of Bahrain, especially the vital housing sector. We like to express our thanks and appreciation to all stakeholders in the Kingdom, particularly the Ministry of housing, Ministry of Finance, the Central Bank of Bahrain and the Housing Bank on provide all support and facilities that ensured the success of this project."
For his part, Mr. Ali Yusuf Al Obaidly (partner at Danat Al Baraka) said that his perceptions for this partnership stems from his vision for its constructive development role in the framework of 2030 vision, which one of its goals is to provide adequate housing to the widest possible segments of the Bahraini society from one side, and promote fruitful partnership between the Islamic banking and real estate sectors on the other hand. Mr. Al Obaidly emphasized the importance of devoting the proper pairing value of seizing the proper investment opportunities and to meet the basic needs of the Bahraini citizen, indicating that all of this should be in the context of constructing modern and stable Bahraini society, where citizens enjoy basic rights, first and foremost comfortable housing.
The project is located on an area of land on Palm Avenue in Jannusan area in Manama owned by Mr. Ali Yusuf Al Obaidly, which is one of prominent merchants in Bahrain. The area of the land is estimated at 73,514 square meters. The Housing Bank will be the investment manger and developer of the project through the real estate development arm "Housing Estate." The maximum duration of the project is in the four-year limit. Al Baraka Islamic Bank will finance the construction of the project and to provide financing facilities for those wishing to buy condominiums in the project.
Al Baraka Bank and Mr. Ali Al Obaidly have recently celebrated the signing of the investment management agreement with the Housing Bank and the development agreement with the Housing Estate Company in the new Al Baraka Banking Group headquarters in Bahrain Bay.