Al Salam Bank-Bahrain has delivered the first residential villa in Deerat Al Oyoun under the Mazaya social housing scheme in partnership with Housing Ministry and Eskan Bank.
The Sharia-compliant property finance will allow customers to buy homes in the Diyar Al Muharraq project without the need for a down payment or any administrative fees.
The first financing installment will be paid in January 2021, and for a limited time, applicants will get an annual profit rate of 4%.
Moreover, customers will receive an additional 5,000 BHD to furnish their new home as part of their property financing, as well as other exclusive offers from selected merchants.
Al Salam Bank Group chief executive Rafik Nayed said, “In recent years the bank has focused on digitalization. This has stood us in good stead for navigating the disruption of the global pandemic, during which we have been able to quickly open our virtual branch and introduce digital onboarding to maintain and even enhance our client service and communication.”
Commenting on the partnership, the bank’s deputy CEO Anwar Murad said, “We are proud to be the first bank in Bahrain to have already delivered the keys of the first villa in the Deerat Al Oyoun project under this scheme.”