Ithmaar Bank B.S.C. Personal Loan in Manama
|Minimum Salary needed||BD 250 for Bahraini & Early Retired; BD 450 for Expatriate & GCC National; BD 1000 for Business Owners|
|Maximum amount available||BD 200,000 for Bahraini; BD 100,000 for Expatriate & Early Retired; BD 50,000 for GCC National; BD 75,000 for Business Owners|
|Length of Loan||7 years|
|Profit Rate||Not mentioned|
|Upfront Fees ( if any )||BD 120|
|Eligibility||Age 21-60 for Bahraini, Expatriate & GCC National; 21-70 for Early Retired & Business Owners|
|Main Features||Life Insurance Takaful; 3-month grace period option; Access to a full suite of Sharia-compliant banking services; Available to all nationalities;|
Ithmaar Bank B.S.C.
Ithmaar Bank’s transition from an investment bank to a retail bank practicing Islamic banking has been remarkable. In 2010, the bank merged with Shamil Bank, its completely owned subsidiary to become an Islamic bank providing a portfolio of Sharia’s complaint services and products in both retail and corporate banking. The bank caters to the needs of institutions and individuals within the country and overseas. In the overseas market, Ithmaar bank worked through its various subsidiary companies including the Faysal Bank Limited in Pakistan, Sakana Holistic Housing Solutions, Solidarity, Ithraa capital, Naseej & Ithmaar Development Company Limited in Saudi Arabia and Faisal private Bureau in Switzerland.
Manama, a regional port saw an influx of immigrant workers searching for means to a livelihood. These immigrants help develop the ports and Bahrain’s shipping industry making Manama an important port in the Persian gulf. The development of the ports in the country was a major influence in charting her economic growth particularly after the discovery of crude oil in the island kingdom of Bahrain. Realising that over dependence on oil and natural gas reserves of the country could be catastrophic, Bahrain started to diversify and shift its focus to other industries like tourism, finance and banking making Manama a much sought after economic hub in the Middle East.
The Sharia-compliant Personal Loan from Ithmaar Bank allows the borrower to meet various personal needs like travel, medical expenses, purchase of household goods, education and so on. The loan can also be availed for maintenance and repair work. The loan value cannot exceed 200,000 BD, although the exact loan amount would be determined based on the applicant’s repayment capability. Self-employed professionals, salaried individuals, small business owners and retirees can avail this loan. The repayment period cannot exceed 84 months and excludes a grace period of 3 months. Available to all nationalities, the rate of interest can vary from 2.89 percent depending up on the finance option and customer segment.