Al Baraka Islamic Bank has signed a MoU with Blue Water Investment Company to finance customers seeking to buy properties from the company.

'Since its launch of our Taqseet product, which was designed to finance the different consumer, housing and investment needs of our customers, it has been met with high demand and widespread acceptance in the local market,' said Al Baraka Islamic Bank director and chief executive officer Mohamed Isa Al Mutaweh.

'The signing of the memorandum of understanding with Blue Water Investment Company is perhaps further evidence of this popularity.'

He said the bank had designed the Taqseet mortgage finance to meet such needs by offering a finance amount up to BD500,000 ($1.3 million) for a period of 25 years at very competitive profit rates compared to other banks.

Blue Water said that they were pleased with the co-operation with Al Baraka Islamic Bank because it enjoyed an excellent reputation in the local market in providing high quality banking services.-TradeArabia News Service