Al Salam Bank, the pioneering Shari’a
compliant bank in the Kingdom of Bahrain, reaffirmed its commitment to
helping customers realize their homeownership dreams. As a participant
in the Ministry of Housing’s Mazaya Social Housing Scheme, the Bank
offers attractive financing terms, including down payments starting from
just BD500 and tenors of up to 25 years.
Mr. Mohammed Buhijji, Head of Retail Banking, said: “As a socially
responsible Bank, we are pleased to support initiatives such as the
Mazaya Social Housing Scheme, which directly benefit Bahraini citizens
and their families. Through this program, which brings the public and
private sectors together to achieve a shared goal, we have been able to
significantly reduce the time it takes for Bahrainis to purchase the
homes they deserve. With the number of Mazaya applicants growing
steadily each year, we remain committed to offering beneficiaries a
range of financing solutions that meet their needs.”
The Mazaya program provides easier access to mortgages and enables
Bahrainis on the housing waiting list to buy directly from an approved
list of projects. Under the program, eligible applicants can obtain
mortgages with repayments capped at 25 per cent of their income. To be
eligible for Mazaya financing, applicants must be salaried Bahrainis
with an approved employer and have a valid Mazaya eligibility letter.
Al
Salam Bank supports beneficiaries with property values of up to BHD
120,000, offering Mazaya financing of up to BHD 81,000 and top-up
financing of up to BHD 38,500.
Interested parties can apply at any Al Salam Bank branch or at Al Salam
Express Center in the Seef area where a dedicated Mazaya sales team is
ready to assist customers with the transaction. Customers can receive
the approval on the same day provided they meet the eligibility
requirements.
