Al Salam Bank, a leading Islamic bank in Bahrain, has announced the successful handover of the largest number of villas within the final phase of Deerat Al Oyoun, located in Diyar Al Muharraq.

A ceremony was held recently at Souq Al Baraha to celebrate the record-breaking turnaround time for processing financing applications since the inception of the project, said a statement from Al Salam Bank.

The villas were handed over to the new owners during a ceremony held at Souq Al Baraha to celebrate the record-breaking turnaround time for processing financing applications since the inception of the project, said a statement from Al Salam Bank.

The ongoing collaboration between Al Salam Bank, the Ministry of Housing and Eskan Bank, is aimed at providing affordable housing solutions for Bahraini citizens.

Citizens eligible for the Mazaya programme looking to purchase a house within the Deerat Al Oyoun project will gain from exclusive benefits such as instant approvals on financing, the waiver of both down payment and administrative fees, competitive profit rates, and free property insurance.

Moreover, beneficiaries will have the chance to earn free loyalty points as part of Al Salam Bank’s Loyalty Reward Program. In addition to the aforementioned advantages, Al Salam Bank surprised the first batch of homeowners with a gift worth BD500 each.

On the villa handover, Minister of Housing Engineer Basim Bin Yacob Al Hamer said: “We appreciate the unwavering commitment of Al Salam Bank in providing their financial services and solutions with incredible speed, which enabled the handover of the largest number of villas in the last phase of the Deerat Al Oyoun project, and the completion of all necessary procedures and transactions in a record-breaking time, in a swift and seamless manner.”

“We, at the Ministry of Housing, are delighted to maintain our ongoing collaboration with the private sector. Unifying the efforts of both sectors has been a key factor in successfully achieving the Kingdom’s national aspirations of further developing and diversifying the housing projects offered, to meet the everchanging requirements of citizens,” he added.

Al Salam Bank Deputy CEO (Banking) Anwar Murad said: “Due to the diligent efforts of our team and our ongoing partnership with the Ministry of Housing and Eskan Bank, we were able to fulfill our commitment to quickly process real estate financing facilities to customers with utmost ease.”

“We are proud to have completed all necessary procedures to hand over the first villas of the final phase of the Deerat Al Oyoun project efficiently, providing Mazaya social housing beneficiaries with ideal housing solutions, which comes in line with our aim to continually provide our clients with an enriching banking experience, tailored to their needs,” stated Murad.

Eskan Bank General Manager Dr Khaled Abdulla said: “It is an honour to continually cooperate with the Ministry of Housing and Al Salam Bank to provide citizens looking to benefit from the Mazaya program with unique financing schemes characterized by fast-tracked processing and smooth handover, in addition to the range of exclusive benefits provided by the bank.”

The residential villas of the final phase of the Deerat Al Oyoun project, cover a total land area of 204.5 sqm and built-up area of 215 sqm, and are currently available in four different architectural designs: Bahraini, Modern, Mediterranean, and Spanish, to suit various styles and requirements.

All the villas are fully equipped with the latest facilities including four bedrooms, two living areas, a kitchen, a majlis, four bathrooms, a two-vehicle garage, in addition to a spacious garden area, said the developer.

Moreover, Deerat Al Oyoun’s strategic location provides a fully integrated community within close proximity to several amenities and services such as Dragon City and other tourism and commercial destinations, it added.