Diyar Al Muharraq Appoints Khaleeji Commercial Bank as Escrow Agent for Al Bareh Project
As part of its commitment to encourage real estate investment, Khaleeji Commercial Bank (KHCB), one of the leading Islamic banks in the Kingdom of Bahrain, has announced signing an escrow agency agreement for Al Bareh project, developed by Diyar Al Muharraq, one of the largest real estate developers in the Kingdom of Bahrain.
The signing ceremony was attended by the CEO of KHCB, Mr. Sattam Sulaiman Algosaibi and Dr. Maher Abdulaziz Al Shaer, CEO of Diyar Al Muharraq.
Under this agreement, KHCB will act as the project's escrow agent, in order to protect the rights of buyers and investors. On the other hand, the bank will also provide flexible Shari'a-compliant financing solutions and payment mechanisms with competitive profit rates for those wishing to purchase Al Bareh residential units, within the terms and conditions of the bank.
Mr. Algosaibi, CEO of KHCB stated: "The Bank is keen to support the growth of real estate projects in the Kingdom of Bahrain and to provide appropriate financing for those wishing to own residential units. Al Bareh is one of the most outstanding projects in the Kingdom in terms of location and design."
He added: "We are delighted to have signed this agreement with Diyar Al Muharraq to create this bank account, in accordance with the Bahrain Real Estate Development Law, which is the first of precautionary measures for buyers and investors. We are working with a group of local developers to create escrow accounts that undoubtedly contribute to enhancing confidence in the real estate development market in Bahrain, in order to offer customers a smooth and convenient experience when applying for real estate financing. We have assigned a special unit to receive and complete applications, as well as a Relations Manager to each residential project in order to reduce application approval periods."
From his side, the Chief Executive Officer of Diyar Al Muharraq, Dr. Maher Abdulaziz Al Shaer said "As part of our efforts to provide the best financing solutions for all those wishing to own freehold villas and plots available in Al Bareh, we are very pleased to sign an escrow agreement with Khaleeji Commercial Bank for this purpose. With the flexible, Sharia-compliant financing solutions that KHCB provides, the Bank is an ideal partner for those who wish to invest in Al Bareh with suitable payment installments at competitive rates. This collaboration with Khaleeji Commercial Bank reflects our efforts at Diyar Al Muharraq to provide the finest real estate solutions together with the best financing options. And with the Bank's pioneering position in the banking sector in the Kingdom and the extensive experience it has in providing financing solutions in the real estate sector, we are immensely proud to have taken this initiative to facilitate the purchase of plots and villas available in one of our most prominent projects in Diyar Al Muharraq. We are therefore pleased to commence our cooperative venture and look forward to reaping its fruits in the near future".
Al Bareh project seeks to provide modern residential solutions suitable for different segments of the community through freehold villas. The villas are built on seafront plots of two types, 'El Bahar 1' and 'El Bahar 2', while the 'Dareen' and 'Es'hail' models are built on the project's inner plots. Each of these villas has different features, characteristics and sizes designed to meet the needs of a wide range of clients. All these villas incorporate the latest smart home technologies to allow end-users to seamlessly manage, control and monitor homes.
The residential villas in Al Barah are very characterized by suitable spaces. The villa plots range from 800 to 940 square meters in El Bahar 1 and El Bahar 2 villas, while the plots of Dareen and Es'hail villas range from 460 to 640 square meters