Bahrain Islamic Bank chosen as Riffa Views exclusive mortgage financer

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Upon this, BIsB will finance all customers wishing to benefit from its services through its latest home finance product 'Ijara Muntahia Betamleek' which provides customers with mortgage finance for an amount of up to BD200,000 with a repayment period extending up to 20 years.

In a statement, Yousif Khalaf, Bahrain Islamic Bank's Chief Executive said,

'First of all, we send our best wishes to Riffa Golf and Residential Development Company (RGRDC). Bahrain Islamic Bank appreciates dearly Riffa Views decision to grant us the opportunity to be the exclusive mortgage financer for this project which we feel proud to have our latest product included.'

he added.

The new product is a mortgage finance facility for buying property to be used as a private residence regardless of the type of such property, whether it is a plot of land, a readily available completed house or still under construction, an apartment or even a property mortgaged with other banks.

For all such purposes, Bahrain Islamic Bank will buy the property and following its acquisition it will be leased to the customer, who is the applicant, against soft-term installments over an extended term. The finance method used is called 'Ijara Muntahia Betamleek'.

The new product targets middle-income bracket earners who receive salaries of BD800 and above as the Bank seeks the newly developed product to compete with the currently available products through a much higher ceiling of up to BD200,000 and allowing customers a longer and flexible repayment period of up to 20 years. Customers are offered soft term repayment installments at very competitive profit rate.

In a statement, Yousif Khalaf, Bahrain Islamic Bank Chief Executive said: 'The Property Finance Scheme we are launching today 'Ijara Muntahia Betamleek' is one of the most important housing solutions that we have decided as a contribution to the Government's effort to solve the housing problems.'

He added: 'Bahrain Islamic Bank is primarily concerned with serving the community in which we operate by providing practical and competitive solutions that comply with Islamic principles, especially with housing which is a key issue'.

This new Finance Scheme fully complies with the teachings of Islamic Sharia'a and is approved by the Sharia'a Supervisory Board, which includes a number of reputed and knowledgeable Islamic scholars. Their services are also used by many leading Islamic banks in the Kingdom of Bahrain and outside.

On the features of this product, Khalaf said: 'Our new product ensures offering numerous features that we seek to include taking into account our customers' conditions and ensuring optimum convenience and peace of mind.'

He continued: 'Therefore, such mortgage finance includes Takaful Insurance (Life insurance) so that the remaining installments are forfeited in case of the customer's death, hence the heirs will have no obligations to the Bank. The property involved will be insured in co-operation with an Islamic insurance company in addition to a highly competitive rate of profit that is considered the lowest available in the market.'

It is worth mentioning that BIsB has lately published its profits for the year 2005 which reached to BD million 7.4 which increased 99 percent comparing to 2004.