Al Baraka Islamic Bank Launches Exclusive Real Estate Financing Solutions to Customers

Al Baraka Islamic Bank, one of the leading Bahraini financial institutions in the field of Islamic banking, announced that it has signed a Memorandum of Understanding with Burooj Property Development to introduce an exclusive financing on real estate solutions provided by Burooj across the Kingdom. The ceremony was held at the Bank’s headquarters in Bahrain Bay with the attendance of Mr. Tareq Kazim, General Manager – Business Group at Al Baraka Islamic Bank, and Mr. Mahmood Khalid, Managing Director of Burooj Property Development, alongside several executives from both parties.

The Bank will be offering Sharia’a compliant real estate financing solutions to customers looking to own their own housing property from Burooj Property Development. Customers will enjoy competitive profit rates in addition to more advantages when purchasing their real estate products.

Commenting on the occasion, Mr. Tareq Kazim, Deputy CEO at Al Baraka Islamic Bank, said: “Al Baraka’s efforts continue to focus on providing the best financial solutions for customers. We ensure providing a seamless experience and a comprehensive service to address all their financial needs. We are pleased to be undergoing this strategic partnership with Burooj Property Development to support our customers in owning their very own real estate property and utilizing our current financing products with lower profit rates. This initiative will contribute to developing the real estate sector and meeting the growing demand for different real estate offerings in Bahrain in support of the Kingdom’s Economic Vision 2030. We assure our commitment to improve the banking experience and look forward to delivering the highest quality services, products and financing offers to our loyal customers.”

Commenting on the partnership, Mr. Mahmood Khalid, Managing Director of Burooj Property Development, said: “We are extremely proud to be partnering with Al Baraka Islamic Bank to provide Sharia’a compliant private financing facilities for customers wishing to purchase one of our real estate solutions located in different areas across the Kingdom. Through this collaboration, we will be enhancing our available real estate offerings to suit all of our customers’ needs and preferences. We aim to strengthen the partnership between the real estate sector and the financial sector in support of the economic growth in the Kingdom of Bahrain.”

Burooj is one of the leading property development companies in the Kingdom with experience spanning over 40 years in the field. It has developed numerous real estate projects in collaboration with the Ministry of Housing under the Mazaya Social Housing Financing Scheme, as well as other luxury residential towers, including Burooj Residences located in Amwaj and Ivory Tower in Juffair. The projects include prestigious apartments with multiple facilities, including a reception lounge, swimming pool, garden, gym and entertainment center, as well as topline elevators and private parking for residents.

Through this partnership, Al Baraka Islamic Bank and Burooj Property Development will introduce clients to exclusive real estate opportunities. The 2-year agreement will ensure that all customers can benefit from these exclusive offers.

With its establishment in 1984 in the Kingdom of Bahrain, Al Baraka Islamic Bank B.S.C. – Bahrain has a longstanding track record of delivering excellence, innovation and superior results. The Bank ranks among the leading providers of Islamic banking products and services to its international clientele and focuses primarily on developing innovative and distinguished Investment solutions in compliance with Islamic Sharia principles, supported by its sound financial solutions.

For any further information, kindly visit our website at www.albaraka.bh.