Eskan Bank signs agreement with NBB for Mazaya Scheme

Manama, Eskan Bank recently signed a partnership agreement with the National Bank of Bahrain (NBB), to provide housing loans for Mazaya Scheme beneficiaries.

The signing ceremony was attended by Minister of Housing and Chairman of Eskan Bank, Basim bin Yaqob Al Hamer, who expressed his pleasure at this significant collaboration between the two entities and in NBB’s support of the Mazaya scheme.

The minister praised the efforts and continued role of NBB in supporting national initiatives that contribute towards socio-economic development.

“The signing of this agreement today marks a significant milestone not only for the beneficiaries of the Mazaya scheme but for the future collaboration between Eskan Bank and NBB on projects that have the betterment of the nation at their core, he said.

The Mazaya scheme is being executed in line with the future economic vision of Bahrain’s leadership in providing more housing solutions for citizens; we are extremely happy to have NBB as one of our key partners in realizing this vision and commend them for their instrumental role in supporting national programs.

The agreement was signed by Dr. Khalid Abdulla, General Manager of Eskan Bank, and Jean-Christophe Durand, CEO of NBB to fund citizens wishing to purchase housing units under the Mazaya scheme, formerly known as the Social Housing Financing Scheme.

This agreement came as part of the NBB’s efforts to develop housing finance solutions and provide options to meet the needs of citizens with the help of the private sector.

In coordination with the Ministry of Housing, Eskan Bank is seeking to develop this ambitious program by increasing the number of participating real estate developers and financial institutions in order to meet the demand for housing and contribute towards sustainability in the housing sector, under the direction of Basim bin Yaqob Al Hamer, Minister of Housing and Chairman of Eskan Bank, Dr. Khalid said.

Eskan Bank continues to execute its plans in accordance with its strategic direction which primarily seeks to provide appropriate housing for citizens through suitable financing options, he added.

Mazaya Scheme was designed in line with the Ministry of Housing’s vision to create a support mechanism through participating banks and financial institutions in the private sector, in addition to contributing to the economic and residential growth in general.

We are proud to be signing this key agreement with Eskan Bank; as Bahrain’s national Bank, as we consider our role as integral to the realization of the Kingdom’s Economic Vision 2030, Jean-Christophe Durand, CEO at NBB said.

We would also like to extend our sincere thanks and appreciation to Housing minister for his presence, which reaffirms the importance of this achievement and highlights NBB’s partnership with the government.

At NBB, we have a deep sense of responsibility in supporting national initiatives that further promote a sustainable nation. Through our partnership with Eskan Bank we want to facilitate access to housing solutions and NBB is committed to supporting key national projects in line with the directives of the leadership.

We are always looking for new ways to meet the needs of our customers through our unique portfolio of financing services and solutions complemented by competitive rates and flexible terms, Subah Abdullatif Al Zayani, Head of Retail Banking at NBB, said.

Our partnership with Eskan will further enable us to support our customers eligible for the ‘Mazaya’ scheme to realize their dream of owning their own housing unit. NBB’s Mazaya scheme features a flexible repayment period of up to 25 years.

In order to be eligible for the Mazaya Scheme, it is required procedural and legal requirements, as well as the eligibility criteria for funding are met. This includes providing the necessary documents and financial data, as well as ensuring the availability of financial solvency with the beneficiary to ensure repayment of funding.

Source: Bahrain News Agency