Manama: Eskan Bank announced the successful conclusion of a financing syndication deal worth BHD 250 million, secured in collaboration with leading local, regional, and international banks. The agreement aims at providing the necessary resources to support Bahrain's housing programmes and projects from 2023-2026.
According to Bahrain News Agency, the financing will be coordinated by the National Bank of Bahrain (NBB) with Bahrain Islamic Bank (BisB) acting as an agent bank and comprises two tranches. The first will be financed by the National Bank of Bahrain (NBB), in cooperation with Standard Chartered, Boubyan Bank, and Warba Bank. This facility includes participation from Gulf International Bank (GIB), The Housing Bank for Trade and Finance and Habib Bank Limited (HBL). The second tranche is financed by the National Bank of Bahrain (NBB), Bahrain Islamic Bank (BisB), and Al Baraka Islamic Bank.
Amna bint Ahmed Al Rumaihi, Minister of Housing and Urban Planning and Chairperson of Eskan Bank's Board of Directors, said the signing of this financing syndication reflects active collaboration with the private sector to ensure the availability of flexible and sustainable financing solutions for citizens. She emphasized that this initiative aligns with the Ministry of Housing and Urban Planning and Eskan Bank programmes aiming to achieve the objectives of the government's Plan 2023-2026, as well as the projects and programmes included in the State Budget for 2025-2026.
The minister added that signing the financing syndication deal with the local, regional, and international banks reflects Eskan Bank's solid position in the financial markets and indicates the bank's role in providing housing needs for citizens. This includes significant contributions to the housing finance programme alongside the Ministry of Housing and Urban Planning, providing thousands of flexible and immediate housing services to citizens in recent years. She stressed that activating the financing syndication deal will further strengthen Eskan Bank's capacity to implement housing programmes and initiatives, accelerating the process of providing suitable houses for citizens.
Abdulla Taleb, General Manager of Eskan Bank, highlighted that this agreement represents a vital step in enabling Eskan Bank to continue fulfilling its mission of addressing housing needs across the Kingdom. He acknowledged the confidence and cooperation of the Ministry of Housing and Urban Planning and the partner banks, whose contributions have been essential in ensuring financial resources for the next phase of housing initiatives.
On the signing of this agreement, Usman Ahmed, Group Chief Executive Officer of National Bank of Bahrain (NBB), expressed pride in being part of this significant collaboration as the sole coordinator and one of the lead arrangers. He noted that this landmark financing will positively impact the housing sector and contribute to Bahrain's social and economic development, aligning with NBB's commitment to national priorities and sustainable development goals.
Fatema AlAlawi, Chief Executive Officer of Bahrain Islamic Bank (BisB), stated that BisB, as the agent bank, is proud to be part of this strategic agreement, reflecting ongoing commitment to supporting national housing initiatives that directly benefit Bahraini citizens. This collaboration aligns with the directives of the Kingdom's leadership and reinforces dedication to contributing to the sustainable development goals of Bahrain.
Dr. Boutros Klink, CEO of Standard Chartered Bahrain, conveyed that Standard Chartered is delighted to support Eskan Bank's financing objectives with international expertise and regional capabilities, highlighting a longstanding commitment to supporting Bahrain's development.
Adel Abdul Wahab Al Majed, Boubyan Bank's Vice-Chairman and Group Chief Executive Officer, noted that the bank's participation in this collaboration reflects its commitment to supporting mega development projects in the region, offering innovative and flexible Islamic finance solutions that contribute to national development goals.
Shaheen H. Al Ghanem, Chief Executive Officer of Warba Bank, expressed honour in supporting Eskan Bank through this financing facility, demonstrating Warba Bank's dedication to initiatives promoting economic stability.
Dr. Adel Abdullah Salem, Chief Executive Officer of Al Baraka Islamic Bank, concluded by underscoring Al Baraka's commitment to Bahrain's long-term success, affirming continued support for national development priorities.