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Bahrain Islamic Bank (BIsB) signed a memorandum of understanding with Landmark Bahrain Real Estate Development Marketing (Landmark Bahrain) to provide finance options to citizens who wish to buy houses or flats sold as part of any of Landmark Bahrain’s projects.
Through this agreement, citizens and expatriates will be able to take advantage of the forms of Islamic finance provided by BIsB to buy houses or flats offered by Landmark Bahrain with a finance amount of up to BD400,000 to be repaid over a period of up to 25 years and a finance amount of up to 95 per cent of the property’s value.
Fatima Al Alawi, BIsB senior manager business development – retail banking said: “The signing of this agreement by BIsB is a demonstration of the strong and firm determination of the bank to provide finance solutions that are fully compliant with Islamic Sharia to those who wish to buy convenient and modern homes.”
Mohammed Younis Shafi, Landmark’s chief executive and board chairman said: “We are happy to sign this agreement with Bahrain Islamic Bank and to forge a partnership that would realise the mutual interest of both sides.
“This partnership will enable citizens and expatriates to buy and own the property through packages that comply with Sharia principles.”
Landmark Bahrain will enable all customers including Bahrainis and expatriates who earn a monthly income of BD500 or more to own houses or flats.
