MANAMA: Bahrain-based Al Baraka Islamic Bank (ABIB) is launching BD16million social housing project as part of Public Private Partnership (PPP).
Mohamed Issa Al Mataweh Member of the Board of Directors and Chief Executive Officer of Al Baraka Islamic Bank on the sidelines of the opening ceremony of the ABIB’s new branch at Galleria Mall told The24X7News Bahrain (www.twentyfoursevennews.com).
“ABIB has already started processing the applications for the financial support for Deerat Al Oyoun’ project,” he said, adding that the upcoming BD16million social housing project is a continuation of the bank’s strategy.
“We are in the process of the finalizing and launching a real estate project to meet the needs of the social housing in Bahrain by building 200 villas in participation with the public sector. The project will be managed by the Eskan Bank and will be finished in 24 months after the launch which is due soon,” he said.
Referring to ABIB’s focus on Bahrain’s housing sector he said that ABIB was an essential part of Diyar Al Muharraq’s Murabaha Contract of $366 million which had been inked last month. ABIB along with a group of local banks including Al Salam Bank – Bahrain, Kuwait Finance House, Bank of Bahrain and Kuwait for providing financial liquidity to develop the ‘Deerat Al Oyoun’ project will provide partial financing of $700 million project.