Al Salam Bank Signs MoU with Bareeq Al Retaj

Press release

Published August 5th, 2024 - 06:01 GMT

Al Salam Bank Signs MoU with Bareeq Al Retaj

During the event.

Al Salam Bank has signed a partnership agreement with Bareeq Al Retaj, one of the leading real estate developers in the Kingdom of Bahrain, to deliver real estate financing solutions to clients interested in purchasing a housing unit in Ras Hayan Village or Wahati projects.

Through this collaboration, clients can benefit from real estate financing at competitive profit rates, featuring a 6-month grace period and quick approvals. Additionally, they will receive a waiver of administration and valuation fees while earning loyalty rewards points. Clients will also gain access to complimentary consultations from ‘We Invision Design & Execution’, as well as exclusive discounts on home and electronic appliances from AlSalam Gas, Bin Hindi, and Y.K. Almoayyed.

Eligible clients under the Tas’heel scheme will enjoy a waiver on registration fees, and free life and fire insurance. Bareeq Al Retaj will also offer furnishing for apartments from Phase 1 of Wahati, in addition to offering RHA and RA plots in Ras Hayan Village.

On this occasion, Dr. Maher Al-Shaer, Vice Chairman and Managing Director of Bareeq Al Retaj stated: "At Bareeq Al Retaj, we always strive to provide the best real estate solutions that meet the needs and aspirations of our valued clients. Through our partnership with Al Salam Bank, we are excited to offer innovative and accessible financing solutions for buyers in the Ras Hayan Village and Wahati projects. This step aligns with our strategy to provide a unique and modern residential experience in the Kingdom of Bahrain. We are committed to delivering the best services and products that enhance the quality of life for our clients and strengthen our position as a leading real estate development company."

Commenting on the partnership, Mr. Anwar Murad, DCEO – Banking at Al Salam Bank, stated: “At Al Salam Bank, we strive to enrich our clients’ banking experience and facilitate their financial goals, enabling us to continuously develop initiatives and offers that meet their needs. We are pleased to partner with Bareeq Al Retaj to deliver flexible and competitive financing solutions that support our clients in purchasing units available in both Ras Hayan Village and Wahati. This strategic step highlights our ongoing efforts to support national aspirations by providing suitable housing units for citizens while also contributing to the Kingdom’s housing file.”

Situated on the east coast of Bahrain, Ras Hayan Village redefines sustainable modern living embraced by nature. This exceptional project includes plots ranging from 212 to 717 sqm, suitable for the various needs of the Bank’s clients.

Wahati is located in the heart of Muharraq, in Qalali, with close proximity to the capital, Diyar Al Muharraq, and Amwaj Islands. The project includes modern 2 to 3-bedroom apartments, with a living room, kitchen, parking, and a number of facilities.

For more information, visit the Bank’s website www.alsalambank.com, WhatsApp on 17005500, or book an appointment with Al Salam Bank’s virtual branch via Skiplino.

Background Information

Al Salam Bank

Al Salam Bank-Bahrain B.S.C (ASBB) is an Islamic bank headquartered in the Kingdom of Bahrain, and licensed and regulated by the Central Bank of Bahrain.

ASBB was established on 19 January 2006 in the Kingdom of Bahrain with paid-up capital of BD 120 million (US$ 318 million) and commenced commercial operations on 17 April 2006. The Bank was listed on Bahrain Bourse on 27 April 2006 and subsequently on the Dubai Financial Market (DFM) on 26 March 2008.

ASBB completed its merger with the Bahraini Saudi Bank (BSB) on 22 December 2011. On 2 February 2014, Al Salam Bank-Bahrain and BMI Bank B.S.C. (c) confirmed the conclusion of a business combination between the two institutions after obtaining the approval of their shareholders at their respective extraordinary general assembly meetings, and of 30 March 2014 BMI Bank became a wholly owned subsidiary of ASBB.

ASBB offers its customers a comprehensive range of innovative and unique Shari’a-compliant financial products and services through an extended network of branches and ATMs, utilizing the state-of-art technologies to meet various banking requirements. In addition to its retail banking services, the Bank also offers Corporate Banking, Private Banking, Asset Management and Treasury services. The Bank's high-caliber management team is comprised of highly qualified and internationally experienced professionals with proven expertise in key areas of banking, finance, and related fields.