Kuwait Finance House-Bahrain (KFH-Bahrain) and the Social Insurance Organisation (SIO) have signed a MoU to provide government employees with Sharia-compliant personal financing.

The MoU was signed by SIO chief executive Zakariya Sultan Al Abbasi and KFH-Bahrain managing director and chief executive Abdulhakeem Alkhayyat at the bank's headquarters in the Bahrain World Trade Centre, reported the Gulf Daily News, our sister newspaper.

Sultan said this would meet the needs of a large number of people by offering them a variety of financing facilities to suit their preferences.

Expressing his appreciation for the initiative, Alkhayyat said it was in-line with the bank's strategy which aimed at increasing client base by diversifying services and providing innovations.

"Employees will benefit from the signing of this MoU as they will receive lower rates on their Islamic finance from KFH-Bahrain whereas SIO will be acting as the guarantor," he added.-TradeArabia News Service