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Monday, 24 March 2008

Marina west signs deal with bahrain islamic bank to offer more options for home buyers

(AlBawaba, 23 march 08)

Marina west signs deal with bahrain islamic bank to offer more options for home buyers Islamic Mortgage Financing options allow for more variety when purchasing at Marina West. Marina West and Bahrain Islamic Bank (BisB) the flagship of Islamic Banking in Bahrain,, have today signed a memorandum of understanding, which will allow Bahrainis and expatriates to purchase homes at the Kingdom’s premier beachfront development. The deal comes as part of Marina West’s initiative to offer varied finance options to the public, making a marina lifestyle accessible to everyone.

The signing ceremony was held at Marina West’s headquarters and was attended by Abdul-Rahman Turki, General Manager Retails at BisB Mr. Mahmood Janahi, Managing Director of Marina West real estate project.

As part of the deal, BIsB is offering long term Islamic mortgage facilities for Bahraini’s, expatriates and GCC nationals. Marina West buyers choosing BisB Islamic mortgage financing will benefit from affordable instalments, as well as some of the lowest arrangement fees available in the market and attractive profit rates.

Mr Mahmood Janahi, commenting on the agreement, said: “BisB has a strong history in the Kingdom, and an excellent reputation in the wider Middle East, which is why Marina West are pleased to be able to offer our buyers finance options from BisB. With the introduction of these mortgages, customers of any nationality can purchase a home in Bahrain and benefit from the tranquil beachfront lifestyle that Marina West offers.”

“The real estate market in Bahrain is booming, and our reputation as a tourism hub is following suit – Marina West aims to contribute to this reputation by creating a beachfront community that is truly unique in the Kingdom. This latest financing move further demonstrates our vision to have no limits on who can buy a property in Marina West, with BisB’s mortgages allowing interested buyers the opportunity to own a luxurious piece of property at a reasonable price.”

Mr. Abdul-Rahman Turki, General Manager Retails at BisB commented, “We are pleased to be associated with a unique project like Marina West. We have tailored our mortgage options to make them as accessible and affordable as possible in keeping with BisB’s philosophy of providing banking products and services to the widest part of the society.”

“As part of its comprehensive Property financing offer, BisB will offer to Marina West customers finance facilities up to BD400, 000 with flexible tenors that goes up to 25 years, and competitive profit rate which is considered one of the markets lowest.” Mr. Turki added.

As Bahrain’s first and unique gated high rise residential beachfront community, Marina West will be set in tranquil and idyllic surroundings on the Kingdom’s west coast. In addition to breathtaking views, residents will be able to enjoy comprehensive recreational facilities and entertainment as well as the convenience of an extensive and high quality retail offering.

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