MANAMA, BAHRAIN – 18 October 2020 – Ithmaar Bank, a Bahrain-based Islamic retail bank, announced the launch of special financing offers for Mazaya programme beneficiaries to purchase villas at the Danaat Al Lawzi development, located at the West of Hamad Town.
The special financing offers are designed exclusively for beneficiaries of the Mazaya programme, the Kingdom of Bahrain’s social housing scheme that aims to help eligible Bahraini nationals buy their first homes. As part of this programme, citizens are offered government-subsidised financing to help them buy their homes.
The Danaat Al Lawzi development covers a total area of 107 m² and is located to the West of Hamad Town, close to a natural lake. It comprises of 303 villas and a community centre, and was developed in collaboration with the Ministry of Housing and Eskan Bank specifically for beneficiaries of the Mazaya programme.
His Excellency Eng. Basem bin Yaqoub Al Hamar, Minister of Housing, expressed his appreciation of the cooperation with Ithmaar Bank to finance the purchase of another "Danaat" project established to meet the demand for housing, especially for the beneficiaries of housing services provided by the Ministry of Housing, through "Mazaya" program.
His Excellency affirmed that "focusing on partnership with the private sector as a strategy that supports government efforts in endeavors to provide housing services to citizens. We also appreciate the role of banks participating in the Mazaya Program for citizens to purchase their own homes within the housing offers that meet the program’s criteria, which is one of the main reasons for the success Of Mazaya.
“We are pleased to partner again with the Ministry of Housing and Eskan Bank to enable citizen to purchase their first home in this exciting new development,” said Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim. “Danaat Al Lawzi is a housing development designed to allow Bahraini families to settle in affordable, high-quality housing opportunities at favorable prices,” he said.
“As a pioneering Islamic retail bank, Ithmaar Bank recognizes the important role we must play in the local community,” he said. “Ithmaar Bank customers who are interested in purchasing Danaat Al Lawzi villas will benefit from the special financing solutions we developed especially for them,” said Abdul Rahim.
“The special financing offers that we created for this development include the option of repayment over a period of up to 25 years with no down payment or evaluation fees,” said Abdul Rahim. “Additionally, customers will be able to obtain additional personal finance to be paid over 15 years, with an optional grace period of up to six months, as well as free Home Protect Takaful Insurance cover and many more benefits,” he said.
Dr. Khalid Abdullah, General Manager of Eskan Bank, said, “The desire of the private sector, represented by Ithmaar Bank, to participate in providing easy and fast financing to citizens benefiting from housing services and providing special financing offers, is an approach that directly supports government efforts represented by the Ministry of Housing, to meet the demand on housing services and the needs of the new generation of Bahraini families who wish to own adequate housing.
Dr. Abdullah also indicated, "Eskan bank is keen to establish its current and future projects according to modern concepts for building sustainable community environments while restoring the role of residential neighborhoods that used to distinguish the local community in creating social cohesion in a modern image that provides Bahraini families with a comfortable and stable social environment. It also provides high-quality living appropriate with the needs and financial abilities of households. "
Earlier this year, Ithmaar Bank also offered special financing offers for beneficiaries of the Mazaya programme for customers who were interested in the Deerat Al Oyoun development in Diyar Al Muharraq, a man-made island near Muharraq, which included 515 new villas that were developed in collaboration with the Ministry of Housing and Eskan Bank.
Customers who require any assistance with this unique offering can contact the Call Centre on 13303030.
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