Al-Salam Bank Personal Loan in Manama
|Minimum Salary needed||Not mentioned|
|Maximum amount available||BD 100,000|
|Length of Loan||7 years|
|Profit Rate||Not mentioned|
|Upfront Fees ( if any )||Not mentioned|
|Main Features||Takaful Life coverage up to the financing value at preferential terms|
Al-Salam Bank -Bahrain B.S.C.
The Al-Salam bank in Bahrain has been consistent in delivering simple and innovative investment strategies in accordance with the principles of the Sharia’a. The bank has been successfully delivering innovative and excellent banking services and products to an ever growing clientele. Exclusive focus on the various aspects on Islamic banking has resulted in the bank being able to meet and exceed the expectations of its clients over a long time period. Tapping into the bank’s extensive resources and experience, particularly that of its senior management, the Al-Salam Bank has been delighting its customers in all areas of banking and investment.
Although Bahrain was ruled by many foreign powers including Britain, Persia and Portugal; the country gained independence in 1921. Like all newly independent countries Bahrain too saw lots of turmoil and turns before Manama emerged as the country’s capital. Although the initial economic growth in modern times was totally dependent on crude oil, there has subsequently been a much needed change with the focus shifting towards sales promotion. A much sought after getaway for expats and Arabs alike, the city has a bright and busy night life. Of particular mention are the pubs and restaurants that add colour to the city’s night life.
Personal loans are usually availed to meet personal financial needs including medical expenses, travel, wedding expenses or purchase of household or electronic goods. The loan applicant needs to have a minimum monthly salary of 300 Bahrain Dinar and strictly adheres to the principles of Sharia’a. The bank may levy a reducing interest rate of 5.85 % or a fixed rate of 3.25%. the maximum tenure of the loan cannot exceed 7 years. The loan helps the applicant meet an immediate personal finance requirement. The loan so availed can be repaid at ease ensuring minimum stress for the borrower.