Bahrain Islamic Bank B.S.C. Personal Loan in Manama
|Minimum Salary needed||BD200|
|Maximum amount available||BD100,000|
|Length of Loan||7 years|
|Profit Rate||Not mentioned|
|Upfront Fees ( if any )||BD120 for applications upto BD100,000; BD240 for applications exceeding BD100,000|
|Eligibility||Above 21 at the time of application and 60 at the maturity of the finance; Minimum Work Experience: 4 Months; The total debts of the customer including all existing installments, new installment and 5% of the credit card and over draft limits, should not: •exceed 50% of the monthly income for individuals with salaries of BD3,000 per month or less, •exceed 60% of the monthly income for individuals with salaries above BD3,000 per month; Salary Transfer: Mandatory|
|Main Features||Not mentioned|
Bahrain Islamic Bank B.S.C.
The Bahrain Islamic Bank BSC is in the business of providing banking solutions in corporate and retail banking. The bank’s operations are primarily based in the Kingdom of Bahrain and deals with a diverse portfolio of products and service. In the retail sector, the bank focuses on personal finance, housing, auto and property. This includes eCards and credit cards as well as savings and current accounts. The bank is also involved in investment schemes, money market funds, eBanking services as well as bancassurance products. Special & VIP banking services, enterprise & trade finance, current accounts, project & real estate financing and treasury services are all part of the services extended by the corporate banking channels.
The introduction of cultured pearls from Japan created a huge economic crisis in the Middle East as most of the countries were dependent on the pearl harvesting industry. Unfortunately this phase also coincided with the Great Depression creating havoc in the Persian Gulf. Fortunately the discovery of crude oil in many of the countries in the Middle East resulted in a major reversal of fortunes for most countries. As the dependence on crude oil and its various products increased, the Middle East particularly Jordan, Bahrain and Saudi Arabia became important entities in geopolitics. Bahrain’s economic growth also saw the growth of Manama from a small sleepy village into a city that never sleeps.
An applicant with a salary between 200 to 100,000 BD is eligible for a personal loan from the Bahrain Islamic Bank. The loan tenure cannot exceed 7 years. The applicant needs to be between 21 and 60 years at the time of the last instalment. The total liabilities both existent and new including credit card repayments cannot exceed 50-60% of the applicant’s monthly salary. The bank levies a nominal upfront fee for processing the loan. The loan, like all other financial products and services from Bahrain Islamic bank, is strictly in adherence to the principles of the Sharia’a.