Bahrain-based Al Baraka Islamic Bank has launched a new financing product in the local market to fund the services under the umbrella of Taqseet finance.

This is in addition to other facilities provided by the product Taqseet to finance purchasing of cars, boats, other goods and real estate.

The idea of the new product is based on the Sharia principle of Ijara to finance various services where the bank will lease the client a particular service that will exist in the future as forward Ijara for a specific period of time.

Customers can take advantage of this product to finance their needs of education, medical treatment, travel and tourism, marriage, Haj and Umrah.

Al Baraka Islamic Bank chief executive Mohammed Al Mataweh said the product is in line with the bank's strategies in providing innovative new products.-TradeArabia News Service