Posted on March 21, 2011

Barwa Bank, the major new Qatari financial services provider, will participate in Qatar Real Estate and Investment Exhibition (QREX 2011) from March 22 to 25, to highlight its new home finance offering, which is arranged through the “Ijara” instrument.

Visitors of Barwa Bank’s stand in QREX 2011 can apply for home financing of up to QR10m, allowing them flexible, Shariah compliant repayment options of up to 20 years. Repayment terms are highly competitive and linked to the Qatar Central Bank (QCB) lending rate, meaning that customers will benefit from having their rates track the market conditions.

This marks a first for a purely shariah compliant bank in Qatar, highlighting Barwa Bank’s innovative and customer-focused approach to customer services and product development. Barwa Bank Home Finance offering, comes in line with the bank’s strategy to diversify its offerings and increase its customer base, to become a universal shariah compliant banking group. The real estate market is one of the key growth sectors in Qatar, as it expects a steady population growth.

Keith Bradley, Head of Banking Group at Barwa Bank said: “Barwa Bank’s home finance is a further step toward achieving our growth strategy. The real estate market in Qatar is expected to witness major growth as the country prepares to meet the requirements of World Cup 2022 and Qatar National Vision 2030. We believe that our close ties to Barwa Real Estate give us a valuable insight and knowledge, that together with our innovative approach and customer focused services, allow us to be in the centre of this growth.”

Eslah Assem, Head of Retail Banking, said: “As Qatar’s population continues to grow we naturally expect real estate ownership to increase and with it, consumer appetite for more financing options.”