Kuwait Finance House – Bahrain has signed a Memorandum of Understanding (MoU) with Eskan Bank to offer financing solutions for eligible Bahraini citizens as part of the new housing financing schemes Tas’heel and the additional new Mazaya. The signing ceremony was held on the 3rd of October 2022 at Eskan Bank’s headquarters in the presence of Dr. Khalid Abdulla, General Manager of Eskan Bank, Mr. Hamed Mashal, Head of Retail Banking at KFH - Bahrain, in addition to officials from both entities.

Commenting on the occasion, Dr. Khalid Abdulla, General Manager of Eskan Bank, commented: “Eskan Bank is moving towards implementing a strategic plan that seeks to provide solutions and opportunities that will accelerate and facilitate citizens' access to suitable financing and achieve their housing ambitions. Tas’heel and additional an additional new Mazaya schemes are in line with the Ministry of Housing and Urban Planning and Eskan Bank’s directives to partner with the private sector including banks, real estate developers and more. We commend KFH – Bahrain for their swift response in undertaking this initiative and look forward to conducting future partnerships with them with more opportunities contributing towards addressing housing issues and meeting the needs of citizens.”

Mr. Abdulhakeem Alkhayyat, Managing Director and CEO of KFH - Bahrain, said: “We remain committed to supporting the Ministry of Housing and Urban Planning and Eskan Bank in reducing the Kingdom’s housing waiting lists, as part of the Economic Vision 2030. As such, we are pleased to partner with them on the new Tas’heel and the additional new Mazaya financing schemes. This partnership reflects our ongoing strides to meet the needs of our dear customers and our efforts to provide banking products that aim to meet the current market trends.”

Mr. Hamed Mashal, Head of Retail Banking at KFH-Bahrain, said: “We are delighted to extend our strategic partnership with the Ministry of Housing and Urban Planning and Eskan Bank with this latest initiative that aims to enable eligible citizens to benefit from the new housing financing schemes, Tas’heel and additional new Mazaya. This initiative will also help customers overcome their financial obstacles, enabling them to own their desired residential property. Therefore, we encourage everyone to apply and make use of these new innovative financing schemes.”

Customers interested in benefiting from the mentioned housing financing solutions will be required to apply with one of the participating banks through (Bahrain.bh), and then obtain approval from the Ministry of Housing and Urban Planning. KFH-Bahrain offers seamless processing in addition to lower profit rates, and a tenor period of up to 30 years, as well as various financing options that meet the customers’ fiscal capabilities and residential needs. In line with the continuous development of housing financing solutions, this service aims to support the Ministry of Housing and Urban Planning's endeavors to provide multiple options that meet the different needs of Bahraini families.

The new housing program includes a line-up of advantages that customers can benefit from which include: an increase in the financing cap from BHD 60,000 to BHD 70,000, in addition to an increase from the minimum of BHD 19,000 to BHD 40,000 along with other numerous benefits which also includes the option of increasing the percentage of monthly deduction to 35% for monthly incomes ranging between BHD 320 and BHD 1,200.