Manama Bahrain: Kuwait Finance House – Bahrain (KFH-Bahrain) signed a Memorandum of Understanding (MOU) with the First Bahrain Real Estate Development, the developer of El Mercado Village project in Janabiya, Kingdom of Bahrain. The agreement appoints the Bank as the escrow account agent and preferred financial partner, who will be providing a special financing rate to customers who purchase residential villas in the project, the prices range from BD 177,000 to BD 274,000.
El Mercado Village consists of 42 premium homes, adjacent to the upscale neighbourhood market, El Mercado Janabiya, anchored by an Alosra Supermarket, offering residents and the surrounding area a range of cafes, restaurants, and other services. .
Construction progress has reached over 90%, whereby 24 of the 42 homes have already been completed with an expected handover before Ramadan. Additionally, the official addresses for the homes have been assigned by the municipality.
On this occasion, the Executive Manager and Head of Retail Banking Group at KFH-Bahrain, Mr. Khalid Rafea said: “KFH-Bahrain aims to support the growth of real estate projects in the Kingdom of Bahrain and to provide suitable financing for those wishing to own their dream homes. El Mercado Village project is considered one of the outstanding projects in the Kingdom in terms of location and design. The Bank will continue its endeavour to partner with real estate developers to provide its customers with competitive access to real estate investments.”
Commenting on the signing, Amin Al Arrayed, CEO of First Bahrain Real Estate Development Co. stated, “We are very pleased by KFH-Bahrain’s support in providing Sharia’a compliant solution to finance the end-user and speeding the process of home ownership.”
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About Kuwait Finance House, Bahrain
Kuwait Finance House-Bahrain provides Islamic commercial and investment banking services. Established in 2002 as a wholly owned subsidiary of Kuwait Finance House-Kuwait; which was established on 1977; KFH-Bahrain specializes in developing and bringing to market the highest quality Islamic compliant banking and investment products, all of which are delivered by a staff of experienced and dedicated professionals with a deep understanding of the market and the clients we serve.
About First Bahrain
First Bahrain Real Estate Development Co. K.S.C. (First Bahrain) is an innovative real estate investment company, dedicated to creating enduring value and sustainable prosperity to both its local community and shareholders, through partnerships and investments made in accordance with the principles of Sharia.
© Press Release 2018
