Khaleeji Bank, one of the leading Islamic banks in Bahrain, has signed an MoU with realtor Al Areen Holding Company to provide financing for Al Areen’s Tilal Residential Project buyers.

 

The bank will provide innovative financial solutions to meet the needs of clients interested in owning residential units in Tilal. The bank will offer loans that include competitive profit rates and financing amounts of up to 100% of the property value, along with a flexible grace period.

 

The signing ceremony took place at Khaleeji’s headquarters in the GFH Tower, in the presence of Ameera Ahmed Al Abbasi, Head of Retail Banking, Dr Ahlam Zainal, CEO of Al Areen Holding Company, and Ahmed Khalfan, Chief Marketing & Sales Officer of Al Areen Holding and CEO of Tilal Residential Project, along with several managers and officials from both parties.

 

Competitive rates

Al Abbasi said: “This partnership with Al Areen Holding Company embodies our firm commitment to supporting the growth of the real estate sector in Bahrain. At Khaleeji, we always strive to provide innovative financing offers that meet our clients’ needs and ambitions, thereby enhancing their experience in the real estate market. Through this partnership, we will ensure the provision of a comprehensive range of financing solutions, including competitive profit rates and a flexible grace period, to facilitate the ownership process for our clients.”

 

She added: “The Tilal Residential Project exemplifies quality and modern design, providing an ideal living and investment environment. We are also committed to providing a satisfying and personalised banking experience for every client. We hope that our clients will take advantage of these outstanding opportunities made through this initiative, which reflects our values of innovation and sustainable support for economic growth. 

 

“We are pleased to invite clients interested in owning units in this leading housing project to visit the promotional stand between September 19 and 29 at City Centre Bahrain, to learn about the financing solutions available under this agreement."

 

Dr Zainal stated: “Our cooperation with Khaleeji Bank will provide a range of financing options that enable our customers to own a home in the Tilal project, the third residential development within the Al Areen masterplan. This project will serve as an exceptional tourist and residential destination, thanks to its distinguished components and services setting new standards in urban living.”

 

Personalised experience

She added: “Al Areen Holding Company is committed to offering our customers the best services and experiences. Our partnership with Khaleeji Bank reflects our keenness to meet our customers’ aspirations and exceeding their expectations. We pride ourselves on delivering a seamless and personalised experience, from home selection and ownership to building long-term relationships.”

 

Khalfan commented: “This partnership allows us to provide added value to our customers by simplifying the steps required to obtain their desired residential units, making it a more seamless process. The Tilal Residential Project is a pioneering initiative that underscores our commitment to high standards of quality and innovation in the real estate sector. 

 

“We believe this agreement will enhance our ability to meet market demands and attract customers seeking their dream homes, especially within the Tilal Residential Project, which presents a unique array of options, including luxury villas and townhouses designed according to the highest international standards, with sizes ranging from 3 to 5 bedrooms, each featuring modern designs aligned with contemporary trends.”

 

Tilal Residential Project offers a unique living experience amidst sustainable surroundings, featuring vast green spaces and picturesque views of the Al Areen Wildlife Park. Covering an area of 93,600 sq m, the project includes luxury villas and townhouses designed to meet the needs of Bahraini and GCC families, allowing for customisation options. Units are available with the option of 3, 4, and 5 bedrooms, each incorporating modern designs in line with contemporary trends.--TradeArabia News Service

 

Burgan, a Kuwait-based conventional bank, has announced that it has received — Business Continuity Management Systems (BCMS) certification, ISO 22301:2019, attesting to the bank’s forward-thinking risk management and mitigation strategies and confirming its ability to uphold its operations during times of disruption as per the best international practices. 

 

The certification further cements Burgan’s position as a reliable financial partner for its customers and stakeholders, validating the Bank’s robust frameworks, continuous investment in technology, and skilled workforce to ensure seamless banking operations.

 

BCMS-certified institutions have a proven track record of implementing and maintaining successful business continuity management systems that respond to the organisation's evolving needs. 

 

Accredited BCMSs are required to showcase consistent qualitative and quantitative improvements, documented business continuity policies, system performance assessments, and qualified staff with clear responsibilities who supervise the planning, implementation, and operation of the BCMS.

 

"We are honoured to be certified with ISO 22301:2019 standard that published by the International Organization for Standardization (ISO) and recognized for our uncompromising safety and risk management measures," remarked Moudi Al Mahmoud, the Executive Manager – Business Continuity Risk at Burgan Bank. 

 

"In a market as sensitive and competitive as banking and finance, we spare no effort to be among the first to adopt the latest technologies across all fronts, especially those that fortify our institutional resilience and bolster our risk assessment and mitigation operations," she noted. 

 

"As a trusted financial partner, we are committed to taking all necessary and extra measures to guarantee offering our customers a reliable and satisfactory banking experience despite any market turbulence," she stated.

 

In line with its committed adherence to international standards of service quality, Burgan was awarded the ISO certifications 9001:2015 for Quality Management System, 27001:2022 for Information Security Management Systems, and 20000-1:2018 for Information Technology Service Management System, she added.-TradeArabia News Service

The overall inflation rate in the Gulf Cooperation Council (GCC) countries rose by 1.7% at the end of October 2024 compared to the rate recorded during the same month of the previous year, according to the data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat).

 

The increase in the annual overall inflation rate in the GCC countries is mainly attributed to the increase in the prices of the housing group by 6.4%, the goods and services group by 3%, the restaurants and hotels group by 1.7%, the culture and entertainment group by 1.4%, the education group by 1.2%, and the food and beverages group by 0.8%.

 

This was offset by a decrease in prices in the transportation group by 3.6%, the furniture and household equipment group by 1.9%, tobacco by 1.1%, the communications group by 0.9%, and the clothing and footwear group by 0.4%, while the prices of the health group remained stable at their previous levels, stated the report.

 

The overall inflation rate in the GCC countries was also lower than the European Union's inflation rate of 2.3%, and lower than many of the GCC’s main trading partners in total merchandise imports, it stated.

 

Brazil recorded the highest inflation rate in October 2024 compared to the same month of the previous year at 4.8%, followed by India at 4.4%, the United Kingdom at 3.2% and the United States at 2.6%, stated the report.

 

Japan came next at 2.3% followed by Germany at 2%, Republic of Korea at 1.3%, France at 1.2%, Italy at 0.9%, and China at 0.3%.