Bahrain Islamic Bank Signs a Memorandum of Understanding Agreement with Bin Faqeeh Real Estate Investment Company

Press release

Published July 4th, 2018 - 11:56 GMT

The signing ceremony was attended by Mr. Hassan Jarrar, Chief Executive Officer of BisB, along with Mr. Faisal Faqeeh, Chairman of Bin Faqeeh Real Estate Investment Company

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 Mr. Hassan Jarrar, Chief Executive Officer of BisB, along with Mr. 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% reduction in the first installment 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.

Mr. 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.”

Mr. Faisal 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.”

For more information on the Sidra project and Bahrain Islamic Bank's real estate financial solutions, please contact the Bank's Call Center on 17515151, or visit the nearest BisB Branch or Financial Complex, or browse our official website www.bisb.com.

Background Information

Bahrain Islamic Bank

Incorporated in 1979 as the first Islamic bank in the kingdom of Bahrain, and the fourth in the GCC. Bahrain Islamic Bank (BisB) has played a pivotal role in the development of the Islamic banking industry and the Kingdom’s economy. The Bank operates under an Islamic Retail banking licence from the Central Bank of Bahrain and is listed on the Bahrain Bourse.

At the end of 2016, the Bank’s paid up capital was BD 101 million, while total assets stood at BD 1042 million. The Bank’s modern branch network comprises 5 branches, 4 innovative financial malls, and 56 ATMs located throughout the Kingdom. A steadfast focus on continuous innovation, strong corporate governance and risk management, employee development, and the use of state of the art technology to deliver superior customer service, has cemented Bahrain Islamic Bank’s position as the leading Sharia’a – compliant bank in the Kingdom.