Al Salam Bank-Bahrain, one of the pioneering Shari’a-compliant banks in the kingdom, has signed a memorandum of understanding (MoU) with Kingdom Projects to facilitate financing solutions for customers wishing to buy villas in the latter’s Janayin Al Hamala project in Hamala, Bahrain. 

 

The project comprises 148 luxurious villas ready to deliver that are designed to meet the requirements of a modern Bahraini family. It has five types of villas offering four bedrooms.

 

The project includes residential villas that fit the criteria of Mazaya programme (formerly known as Social Housing Financing Programme) from the Ministry of Housing, said a statement. 

 

Present at the signing ceremony held at the bank’s headquarters in the Bahrain World Trade Center were Anwar Murad, first deputy CEO of Al Salam Bank-Bahrain, and senior officials from the Kingdom Projects.

 

Murad said: “We are pleased to sign this agreement which is in line with our commitment to facilitate our customers with modern and distinguished real estate development projects that are designed to suit their lifestyle and aspirations. The partnership between the two institutions will enable financing to all Mazaya beneficiaries and offer competitive profit rates and flexible financing terms.”

 

In addition, customers who are not eligible for Mazaya programme and who wish to purchase a villa in the Janayin Al Hamala project can also avail the bank’s Shari'a-compliant financing solutions, he said.

The Janayin Al Hamala community will have approximately 1,000 affordable residential dwelling units and recreation parks in each locality. The project is strategically situated in an area conducive for residential villas, apartment buildings and community development with its recreational parks, retail areas, educational institutions, a petrol station and supermarket covering an overall area of 630,329 sq m and saleable plot areas of 395,101 sq m.

 

The community is located in the heart of Hamala, accessible through the Al Mazare'a Highway at the South end from Jasra or Hamad Town and in the North from Hamala Avenue. – TradeArabia News Service