KFH-Bahrain offers finance to buy Bahrain's Diyar Al Muharraq homes
Shari'a-compliant plan offers option to buy Al Bareh villas at Diyar Al Muharraq with monthly payments during construction
Islamic finance bank Kuwait Finance House-Bahrain (KFH-Bahrain) has launched an Islamic financing platform to buy villas at the Al Bareh community, part of the kingdom's masterplanned Diyar Al Muharraq project.
The shari'a-compliant plan gives the option to buy a villa through “facilitated monthly payments" during the construction period, with the down payment reduced to a rate of 3% of the property’s value and a repayment period of up to 25 years.
Al Bareh is composed of three main products, including high-end villas with waterfront views; residential plots; and residential investment plots.
The mixed-use development is situated within Diyar Al Muharraq, an archipelago of 12 man-made islands located off the shores of Muharraq in Bahrain's north-east.
According to a statement on finance portal Zawya, Subah Abdullatif Al Zayani, deputy head of retail banking at KFH Bahrain, said the offer comes “in-line with the bank's strategy to provide tailor-made financing solutions to support the development of real estate projects" in Bahrain.
According to ProTenders, construction on Al Bareh started in November 2017, with infrastructure works at the seafront development 97% complete as of May 2019.