On Sunday morning, Eskan Bank (EB or the “Bank”), formed a strategic alliance with the National Bank of Bahrain (NBB), Bahrain Islamic Bank (BisB), and the Kuwaiti Boubyan Bank Group. This partnership aims to provide joint financing of 250 million Bahraini dinars to support and expand suitable housing programs and options for Bahraini citizens. The initiative aligns with the unwavering efforts of the Ministry of Housing and Urban Planning to implement effective housing policies in line with the Government's wise vision of providing affordable housing in the Kingdom.

The agreement was signed by Her Excellency Mrs. Amna bint Ahmed Al-Rumaihi, Minister of Housing and Urban Planning and Chairperson of the Board of Directors of Eskan Bank, Mrs. Hala Yateem, Chairperson of National Bank of Bahrain (NBB), Mr. Zaid Khalid Abdulrahman, Chairman of Bahrain Islamic Bank (BisB), and Mr. Adel Al-Majed, Vice Chairman of the Board and Chief Executive Officer of Boubyan Bank Group; in the presence of a number of officials from both the public and private sectors.

On this occasion, Her Excellency Mrs. Amna bint Ahmad Al-Rumaihi, Minister of Housing and Urban Planning and Chairperson of the Board of Directors of Eskan Bank, stated that the signing of the joint financing agreement worth 250 million dinars comes within the framework of the active and ongoing partnership with the private sector to support efforts to provide flexible housing options and solutions for the largest possible number of citizens. This includes the housing finance program, which has witnessed a significant growth in demand among Bahraini citizens, as well as other programs and projects that the bank is actively pursuing to address the housing needs of citizens, in line with government directives in this regard, as outlined in the government's program.

The Chairperson of the Board of Directors of Eskan Bank commended the participating banks for their active cooperation and valuable contributions to the joint financing agreement, hailing their flexibility and efficiency throughout the process, from initial studies to final agreements, which has been instrumental in its successful completion. She emphasized that this cooperation embodies the complementary relationship between all parties towards achieving the common goal of supporting the housing sector in the Kingdom.

She added that such constructive partnerships vastly contribute to bolstering the Kingdom's national economy by providing the necessary support to complete development plans and projects. This positively impacts various sectors, particularly the banking, services, and real estate sectors, and meets the needs of citizens.

Mr. Usman Ahmed, Group CEO of National Bank of Bahrain, commented: “NBB is proud to support this vital initiative that will improve housing access and contribute to the social and economic development of Bahrain. This partnership strengthens our commitment to sustainable development and national objectives and will enable Eskan Bank to meet growing housing demands and further enhance financial potential to support the Kingdom’s housing projects.”

Mr. Abdullah Talib, General Manager of Eskan Bank stated that this agreement represents a valuable extension to the ongoing efforts aimed to provide citizens with affordable housing solutions. He added that this strategic cooperation with banks allows Eskan Bank to achieve its aspired goals and continue supporting the housing needs of Bahraini citizens.

Fatema Al Alawi, Acting Chief Executive Officer of Bahrain Islamic Bank (BisB), added: 'We are honored with this partnership, which reflects BisB's commitment to supporting community-focused projects. We express our satisfaction and honor in partnering with Eskan Bank to finance housing initiatives that provide essential housing solutions for Bahraini citizens and contribute to achieving the Kingdom's sustainable development goals.'"

Mr. Adel Al-Majed, Boubyan Bank's Vice-Chairman & Group Chief Executive Officer, stated: "We take pride in our participation in this strategic collaboration, which will have a significant impact on the housing sector in Bahrain. Boubyan is keen to participate in such initiatives through innovative, diverse, flexible, and efficient financing solutions as we have a good understanding of the role of the banking sector and the importance of its contributions to developmental and infrastructure projects. This, in fact, reflects Boubyan Bank's commitment to supporting sustainable projects in Kuwait and the region."