Due to the surge in the real estate business, one of the top Bahraini banks Al Salam ventured into a deal with Eskan Bank for better housing facilities under the “Mazaya” social housing scheme within the Danaat Al Baraka development project.
Danaat AlBaraka residential project has more than 200 villas offering best-in-class amenities in a built-up area of 234 sq m. The MOU helps the eligible Bahrain citizens to purchase the villas which are well-designed comprising 4 bedrooms, 2 living areas with modern facilities.
The bank completes the financing process in a streamlined and hassle-free way making the financing flexible and organized. The partnership will offer the citizens, the customers of Al Salam Bank, and beneficiaries of the ‘Mazaya’ scheme to find easy financing solutions that enhance the urban lifestyle in the Kingdom of Bahrain.
CEO Rafik Nayed expressed the commitment of the Al Salam Bank to provide social housing opportunities in Bahrain after understanding the need for housing facilities.
The leading bank Al Salam recently reported the first-quarter net profits which surged to 144%; the net profit attributable to shareholders is BD6.1 million ($16.15 million). The growth also reflects in the earnings per share that stood at 2.6 fils. This has also been higher than the last year comparatively showing an increase of 136%. The operating income was at BD28 million ($74.3 million), which is an increase of 17% from the previous year Q1 – BD23.9 million ($63.4 million). The bank maintained a higher shareholders’ equity and capital adequacy ratio of 2.1% and 25.97% respectively. The bank said in a statement, the increase is related to the improved business in the core activities of the bank. The bank continued focusing on the key segments and launched corporate deposit cards, Loyalty Rewards Scheme for the first time, and started an automated financing application. In addition to these, the bank focused on the enhanced customer experience.
Bahrain real-estate scenario:
Despite the pandemic showing an all-time low in almost all the sectors of business around the world. Bahrain has conquered the situations to address economic issues, pertaining to the growth the kingdom brought in promising projects that drove the real estate sector to the next level. There has been a consistent increase in the housing deals in the last two quarters of 2020 with a 14% and 20 % respectively. The balanced outlook in the real estate industry has been proved with the real estate transactions reaching $1.9 billion (BD717.4 million) in 2020.
The kingdom is gearing up for an exceptional target in real estate projects worth $12 billion including mixed projects – Bahrain Bay, Diyar Al Muharraq, Marassi Al Bahrain, and Dilmunia.
The kingdom is gearing up for an exceptional target in real estate projects worth $12 billion including mixed projects – Bahrain Bay, Diyar Al Muharraq, Marassi Al Bahrain, and Dilmunia. To offer safe and easy transactions the kingdom has processed around 45,000 online transactions for housing service applications.