Bahrain Islamic Bank (BisB) said it has signed a joint venture agreement with Royal Ambassador Property Management, a real estate property management company to provide private financing for potential residents of the Fontana Project. This agreement will enable both national and expats working in Bahrain, or the GCC to buy residential units in the real estate development. Dalal Al Qais, the general manager of Retail Banking, BisB, said:
“We are pleased to sign this agreement with Royal Ambassador Property Management, which comes in line with our aim to continue to offer a flexible range of financing solutions to suit our clients’ needs and help them invest in their future. Both Bahraini nationals and residents working in the Kingdom will have the advantage of paying only 5% for their residential unit of choice,” he noted.
Eman Al Mannai, the general manager of sales and business development, Royal Ambassador Property Management, pointed out that the agreement would open doors for Bahrainis, GCC nationals and foreigners who want to own their projects, but liquidity has been an issue in the past.
“We are confident that this cooperation will receive a positive response and a large number of applicants due to the reduced rates and flexible mortgage years,” she added.
Source Trade Arabia