Ithmaar Bank B.S.C. House Loan IJARA in Manama
|Minimum Salary needed||BD 250 for Bahraini & Early Retired; BD 600 for Expatriate & GCC National; BD 1000 for Business Owner & High Net worth Individuals|
|Maximum amount available||BD BD 500,000 for Bahraini; BD 350,000 for Expatriate, Early Retired, GCC National & Business Owners|
|Length of Loan||25 years for Bahraini ; 20 years for Expatriate, Early Retired, GCC National & Business Owners|
|Profit Rate||Not mentioned|
|Upfront Fees ( if any )||BD BD 750 for Bahraini, Early Retired, Expatriate & GCC; BD 1500 for
Business Owner & High Net worth Individuals; 1%
|Eligibility||Age 21 and above; Min. Down payment 10% for Bahraini & Early Retired & 20% for Business Owner & High Net worth Individuals andExpatriate & GCC|
|Main Features||Life Takaful Insurance; Fire Insurance|
Ithmaar Bank B.S.C.
The Ithmaar bank operates in Bahrain through its 17 commercial branches. The list of personal banking services being offered by the Ithmaar Bank include education finance, home finance, auto finance as well as a host of personal loans including loans for home improvement, household goods, marriage, travel and medical expenses as well as current and savings bank accounts, safe deposit boxes, credit & debit cards and online utility bill payment services. The bank also helps refinance existing debts. Business banking services include Letters of guarantee, letters of credit, treasury services and charge cards for both institutions and individuals besides private banking services for high net worth clients.
The local Bahrain population consists of many ethnic communities like the Baharna, Qatifs, Hasawis, Bedouin, Bani Utbah, and Huwala who follow Islam as well as native Bahraini Christians, native Jews and immigrant Hindus. The many distinct ethnic groups in Bahrain have co-existed peacefully for many centuries. Despite their different and distinct religious beliefs, the entire population of Bahrain have played a part in the emergence of Manama as a regional economic hub in the middle east. The changes in fortunes of the country from a major exporter of pearls to its dependence on crude oil and later its position as a financial hub is a great tribute to the hard work and perseverance of its people.
House Loan - IJARA
Home loans from Ithmaar bank are Sharia-compliant and offer highly flexible options for various real estate needs like purchase of land, building or house for either residential or commercial purposes. Ijara Finance for a house cannot exceed 500,000 BD. The repayment period cannot exceed 25 years. The borrower is entitled to a free Home Protect cover and a 1 year content cover worth 10,000 Bahrain Dinar from SOLIDARITY. This friendly housing loan hopes to help clients fulfil their dream of becoming a house-owner. The bank is of the opinion that such friendly terms will help increase their customer base substantially.