Bahrain’s Al Baraka secures key financing deal with Burooj Property Development

Bahrain – Al Baraka Islamic Bank, one of Bahrain’s leading financial institutions, has signed a Memorandum of Understanding with Burooj Property Development to provide Sharia’ah-compliant property finance solutions to clients seeking to purchase residential units in Burooj Property Development properties in the kingdom.

The ceremony, held at the bank’s headquarters in Bahrain Bay, was attended by Tareq Kazim, Managing Director – Business Group of Al Baraka Islamic Bank, and Mahmood Khalid, Managing Director of Burooj Property Development, alongside several leaders of both parties.

Pursuant to the agreement, Al Baraka will offer Shariah-compliant property finance solutions to clients who wish to purchase homes from Burooj Property Development. Clients will also be able to enjoy competitive profit rates in addition to more benefits when purchasing their real estate products.

Burooj is a leading real estate development company in the kingdom with an experience of over 40 years in the field. It has developed many real estate projects in collaboration with the Ministry of Housing under the Mazaya Social Housing Funding Program, 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 high-end elevators and private parking for residents.

Commenting on the deal, Deputy Managing Director Tareq Kazim said, “Al Baraka’s efforts continue to be focused on providing the best financial solutions to clients. We strive to provide a seamless experience and comprehensive service to meet all of their financial needs.

“We are delighted to enter into this strategic partnership with Burooj Property Development to help our clients purchase their own real estate properties and utilize our current financing products with lower profit rates,” Kazim said.

This initiative will help to develop the real estate sector and meet the growing demand for different real estate offers in Bahrain in support of the Kingdom’s Economic Vision 2030.

“We stand behind our commitment to improving the banking experience and look forward to providing the highest quality services, products and financing offers to our loyal customers,” he added.

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

Mahmood Khalid, Managing Director of Burooj Property Development, said: “We are extremely proud to be partnering with Al Baraka Islamic Bank to provide Shariah-compliant private finance facilities to clients wishing to purchase any of our property solutions located in different regions of the kingdom. “

“Through this collaboration, we will enrich our available real estate offerings to meet all the needs and preferences of our customers. We aim to strengthen the partnership between the real estate sector and the financial sector to support the economic growth of the kingdom,” he added.

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Margie D. Carlisle