Housing sector

BAB decision helps boost housing sector in Bahrain

The Bahrain Banking Association (BAB) has agreed to provide additional initiatives and flexible and fast financing solutions to those looking to buy homes in the kingdom, giving a major boost to the Ministry of Finance’s efforts. Housing to achieve its objectives under the Mazaya program.

As part of the cooperation agreement, the ministry as well as BAB emphasize the use of environmentally friendly materials by developers when building these houses.

“The willingness of Bahraini banks to provide housing finance solutions is also helping to boost the kingdom’s real estate, commercial and financial markets,” noted BAB Managing Director Dr Al Qassim, speaking on the sidelines of the meeting. a recent consultative meeting between Bahrainis banks and the Ministry of Housing.

This commitment by banks to solve the housing problem and expand options for beneficiaries indicates the overall willingness of the banking sector to strengthen its social responsibility as part of its national role, he added.

Dr. Al Qassim pointed out that the ministry and the Bahraini banks have demonstrated their constant readiness and ability to support the efforts of the esteemed government.

“This is reflected in the provision of flexible and rapid financing solutions and the development of these solutions according to the visions of the ministry on the housing file, noting that the Mazaya program is the clearest proof of this”, he said. added.

During this meeting, BAB called on the ministry to introduce more varied housing products to meet the diverse demands of citizens.

“We emphasize the importance of these ideas and their implementation for the benefit of the three partners in the system, namely the banks, the Ministry of Housing and the citizens of Bahrain,” he added.

The main topics discussed during the meeting include the importance of aligning the loan with Bahrain’s plans and the instructions of the Central Bank of Bahrain.

“It’s about using green materials in building homes, as well as reliance on clean energy, gray water and other sustainability trends,” Dr Al Qassim said.

In this regard, he hinted at the possibility of working with the Tamkeen Labor Fund to encourage Bahraini SMEs to supply these materials, thus spreading the benefits across all sectors.

Dr. Al Qassim underlined the willingness of the Bahrain Banking Association to seek to develop a fruitful partnership with the Ministry of Housing in the housing file.

“This partnership represents a successful model of cooperation between the public and private sectors in Bahrain, and in line with economic recovery objectives regarding the social housing sector,” he added.

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