Ithmaar Bank B.S.C. House Loan - Morabaha 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 300,000 for Bahraini; BD 250,000 for Expatriate, Early Retired, GCC National & Business Owners|
|Length of Loan||10 years for Bahraini, 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 has its headquarters in Manama, the capital of Bahrain; and is incorporated in 1984. The portfolio of services provided by the Ithmaar bank include asset management, investment banking, private banking, real estate development, equipment leasing, retail banking and commercial banking. The bank’s area of operations can be broadly classified into Investment Banking/ Asset Management, Retail & Corporate Banking and Trading Portfolio. Among its list of modern business practices, the bank offers SMS banking services, phone banking services, mobile online banking and internet banking services. The Ithmaar bank operates in Asia, North America, Africa, Europe and the Middle east.
Manama the capital of Bahrain is the seat of government as well as an economic hub housing regional offices of many MNCs. The Diplomatic Area was built solely to cater to the needs of MNCs hoping to locate their regional offices in Bahrain. When considering Manama’s infrastructure, a special mention of its roads its importance. A major hub in Bahrain’s network of roads, the roads in Manama are often overflowing with traffic. The roads are being revamped to meet the demands of the growing population of the city as well as the huge influx of tourists who come to enjoy the city’s nightlife.
House Loan - Morabaha
Helping individuals fulfil their dreams of owning a house, the Sharia-compliant Morabaha financing offer from Ithmaar bank offers flexible options for various real estate needs. The bank offers Morabaha Finance for a maximum amount of 500,000 BD to be used for the purchase of a building, house or plot of land. The property being purchased can be used for either residential or commercial purposes. The bank insists on a guaranteed fixed instalment for the duration of the loan. The maximum repayment period for the loan is 25 years subject to the applicant meeting all other eligibility criteria set by the bank.