Bahrain Islamic Bank (BisB) has recently signed a memorandum of understanding agreement with Bin Faqeeh Real Estate Investment Company to provide financing to potential residents of the luxury Sidra residential villa project.

The signing ceremony was attended by Hassan Jarrar, chief executive officer of BisB, along with Faisal Faqeeh, chairman of Bin Faqeeh Real Estate Investment Company, as well as a number of officials from both parties at the headquarters of Bin Faqeeh located in Manama’s Seef District.

Through the agreement, BisB will enable Bahraini customers to purchase villas in the Sidra residential Project of Bin Faqeeh, under the Bank’s mortgage financing scheme, offering a 5 per cent reduction in the first instalment rate, in addition to a financing period of up to 25 years. Non-Bahrainis will also be eligible to apply under a different financing scheme.

Jarrar said: "We are delighted to sign this agreement with Bin Faqeeh, which comes as part of our efforts to continue to establish strategic partnerships with leading companies in order to further expand our portfolio of services and solutions for our valued customers. This agreement empowers our customers to purchase luxury residential villas within the Sidra residential project, located in Diyar Al Muharraq to cater to their residential needs.”

Faqeeh added: “This agreement comes in line with Bin Faqeeh’s continual efforts to further strengthen ties with leading Banking institutions, in order to contribute to the growth of the real estate sector in the Kingdom of Bahrain.

“Moreover, BisB’s integrated financial solutions will transform the idea of owning a ‘dream home’ into a reality in a streamlined, hassle-free experience. Sidra is the first and only Luxury Residential Complex in the Kingdom of Bahrain, boasting 452 modern villas of varied sizes and designs, strategically located beside Bahrain’s marina in Diyar Al Muharraq.” – TradeArabia News Service