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KHCB signs MOU with the Developers

Khaleeji Commercial Bank (KHCB), a leading Islamic Bank in Bahrain, signed an MOU with The Developers, one of the major real estate development company in Bahrain, aiming to provide credit facilities for potential Bahraini and expatriate buyers  of  residential units at Fontana Gardens project which was officially launched  by the Developers company last week.

The prestigious development, which is built on a wide area of gardens and greenery in Juffair, comprises three towers with total 405 apartments.

The MOU was singed at the Head Office of KHCB by Mr. Khalil Ismael Al Meer, CEO of KHCB and Mr. Mohammed Abdulghaffar Al Kooheji, Managing Director at the Royal Ambassador. The singing was also attended by Mr. Abdulghaffar Al Koohaji, Chairman of the Developers, Mr. Fuad Taqi, Deputy General Manager of Commercial Banking Services at KHCB, Ms. Eman Al Mannai, General Manger of Sales and Business development at the Royal Ambassador and Mr. Abdulrahman Al Sowaidi, Head of Retail Aquisition at KHCB.

Commenting on the agreement Mr. Mr. Khalil Ismael Al Meer, said: “We are delighted to sign this agreement which aims to support real estate companies in Bahrain and eventually improve the property market which is witnessing a significant boom at the moment. KHCB will provide the necessary financing for all potential buyers either Bahraini or expatriate who can apply in any of our commercial branches in Bahrain”.

On the other hand, Mr. Mohammed Abdulghaffar Al Koohaji, said: “We are really proud of our partnership with KHCB which is one of the leading Islamic Banks in Bahrain to provide competitive financing facilities to our Bahraini and expatriate clients in Fontana Gardens project. No doubt, Banks play a major role in stimulating the property market and enhancing the national economy.  If we add to this the special incentives being provided by the government to expatriates such as free hold ownership in some areas, easy entry and resident permits in the country, then we are enjoying a very healthy economic situation which will lead to sustainable development in the Kingdom of Bahrain.”