Press Releases

15 Sep 2016

Kuwait Finance House – Bahrain First Bank offers Finance for Unit Purchasing in “Deerat Al Oyoun” Project

Kuwait Finance House - Bahrain (KFH-Bahrain) and Diyar AlMuharraq have announced the signing a Memorandum of Understanding (MOU) in regards to providing finance for the beneficiaries of ‘Mazaya’ social housing for obtaining housing units in “Deerat AlOyoun”. With this MOU, KFH-Bahrain is the first Bank to provide finance to purchase these housing units.

During a high-level signing ceremony at the Banks Headquarters in the Bahrain World Trade Center, Mr. Khalid Rafea, Head of Retail Banking at Kuwait Finance House – Bahrain from KFH-Bahrain and Dr. Maher AlShaer, CEO of Diyar AlMuharraq signed the MOU in the presence of senior official from both firms.

Mr. AbdulHakeem AlKhayaat Managing Director and CEO of Kuwait Finance House-Bahrain commented: "We are pleased to share with the Government of Bahrain, their efforts to provide adequate housing for the Bahrainis. The Bank is working to provide appropriate Islamic financial products to finance the citizens in order to purchase the appropriate housing units with ‘Mazaya’. This product is in line with the Bank's plans to support the development of the national economy.” He added: "KFH-Bahrain is the pioneer in establishing several housing projects across a number of distinct developmental initiatives that aim to meet the expectations of the shareholders. It is our respect to assist the Government of the Kingdom of Bahrain's attempts to provide adequate housing for citizens. In addition, this initiative consider as complementary to our strategy to facilitate the provision of housing of Bahrainis.”

Mr. Khalid Rafea, Head of Retail Banking at Kuwait Finance House – Bahrain: "We are delighted that Kuwait Finance House - Bahrain's is the first approved financing Banks among the other financers for the project of “Deerat AlOyoun” in Diyar AlMuharraq. The housing financing services that been provided by the KFH-Bahrain is designed to fit the needs of real-estate market in the Kingdom of Bahrain. It offers the client an innovative solution with the market products, so that the client can quote the best opportunity for obtaining the property. Besides being an Islamic finance, the Bank excels to provide financing at competitive profit rates   with repayment period  of 25 years."

Mr. Rafea commented on the priority of the Bank to provide funding, saying: “Once the “Mazya " housing programme at “Deerat AlOyoun” is aimed to be opened for public by Diyar AlMuharraq next week, KFH-Bahrain is the first Bank that serves the beneficiaries of the “Mazya " housing programme.” He added: "We believe our competitive financing products introduced by the Bank and the procedures to get a fund will make the process of buying a housing unit available to all who wish to live in this exciting project.”

On this occasion, commented Dr. Maher Al Shaer, CEO of Diyar AlMuharraq: "We in Diyar Al Muharraq are proud of being part of a project at this size, with a large effect national. Our participation in the Ministry of Housing development plans proof of our strong commitment to contribute and participate in the future strategies of the Kingdom’s housing sector. This MOU for financing the units purchase in “Deerat AlOyoun” project coincides with Diyar AlMuharraq’s efforts towards providing a developed housing community to whom wish to live in this area based on competitive prices handy to everyone."

“Deerat AlOyoun” is in the southern area of Diyar AlMuharraq which is 1.2 million square meters and will include 3,100 housing units valued more than US $ 730 million. The units are scheduled to ready to live in during the last quarter of the year 2018.

‘Mazaya’ is a Social Housing Finance Scheme to assist the housing waiting list for beneficiaries to purchase a housing unit by obtaining financing from a participating Bank. The beneficiary will pay up to 25% of his/her monthly income. The government support shall be equivalent to the difference between the monthly installment paid by the beneficiary and the required installment amount by the participating Bank. ‘Mazaya’ is available to anyone with a housing application request exists for any type of housing services or all of the conditions required to benefit from the programme are available.

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