Ithmaar Bank, a Bahrain-based Islamic retail bank, announced the launch of special financing offers for villas at the Deerat Al Oyoun Phase Two development in Diyar Al Muharraq.

The special financing offers are designed exclusively for beneficiaries of the Mazaya programme, the Kingdom of Bahrain’s social housing scheme that aims to help eligible nationals buy their first homes.

The Deerat Al Oyoun development in Diyar Al Muharraq, a man-made island near Muharraq, includes 515 new villas that were developed in collaboration with the Ministry of Housing and Eskan Bank specifically for beneficiaries of the Mazaya programme.

The Deerat Al Oyoun development covers a total land area of 1.2 million square meters and includes more than 3,000 housing units in total, including 515 villas specifically developed for the Mazaya programme. The development connects beautifully designed properties with a state-of-the-art infrastructure, offering residents fast and easy access to a wide range of amenities and attractions, from community facilities to world-class retailers, top schools and lots of beautiful outdoor spaces.

“The Mazaya programme is a key national initiative that effectively and efficiently addresses the Kingdom’s housing needs,” said His Excellency the Minister of Housing, Basim bin Yacob Al Hamer. “It does so by bringing together the collective resources and know-how of both the public and private sectors to provide innovative, meaningful solutions specifically designed for eligible Bahrain families looking to buy their first homes,” he said.

“We are pleased to note that Ithmaar Bank, a leading Islamic bank in Bahrain and one of the very first participants in the Mazaya programme, continues to support this key initiative,” said HE Al Hamer. “We wish all participants in the programme, particularly the recipients of their first homes, continued success and the very best,” he said.

“We are pleased to partner once again with the Ministry of Housing and Eskan Bank to enable citizens to purchase their first home in the phase two project villas of this exciting new development,” said Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim. “Deerat Al Oyoun is a housing development designed to allow Bahraini families to settle in an ideal environment by providing high-quality housing opportunities at affordable prices,” said Abdul Rahim.

“As a pioneering Islamic retail bank, Ithmaar Bank recognises the important role we must play in the local community. Citizens who are interested in purchasing Deerat Al Oyoun villas will benefit from the special financing solutions we developed to help them buy their first homes,” said Abdul Rahim.

“Ithmaar Bank customers who are interested in purchasing Deerat Al Oyoun villas will benefit from financing solutions that are Sharia-compliant,” he said. “The special financing offers we introduced for this development include the option of repayment over a period of up to 25 years with no down payments or evaluation fees. Furthermore, customers will be able to obtain personal finance to be paid over 15 years, with an optional grace period of up to six months, as well as free Home Takaful Insurance protection cover,” he said.

Customers who have any question about or require any assistance with this unique offering can call or WhatsApp the Ithmaar Bank Call Centre on 13303030.