MANAMA: Al Baraka Islamic Bank has launched a promotional campaign to provide property financing to the beneficiaries of the Housing Ministry’s Mazaya programme.

Under the campaign, profit rates will be calculated at competitive rates, there will be no down payments, and zero banking fees.

The bank will also cover the fees of life insurance for the beneficiaries and will provide fire insurance for the property.

In addition, there will be instant prizes for the executed deals.

The financing is up to BD120,000 with maximum duration of 25 years.

Fatema AlAlawi, head of retail banking at Al Baraka Islamic Bank, said, “We are pleased to announce our promotional property finance campaign for those wishing to benefit from Mazaya.”

“Our campaign provides advantages that are the first of its kind in the local market, in order to contribute on our part as a socially responsible bank and in meeting the vital needs of citizens for housing units,” she added.

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