International Banker held its annual awards acknowledging top Middle Eastern and African banking institutions and individuals. Eskan Bank received the Best Innovation in Retail Banking Bahrain 2015 award. —
International Banker offers a global view of banking and finance. Each year through the Banking Awards, it recognises the leading banking institutions (and individuals), which have set the bar for industry excellence.
Honored with an important award to acknowledge and celebrate its innovation and leadership in the area of retail banking, Eskan Bank has achieved a prominent position on the 2015 International Banker Middle Eastern and African Banking Awards list.
The Best Innovation in Retail Banking Bahrain 2015 award was awarded to Eskan Bank based on its outstanding contribution to developing housing finance options for the citizens of Bahrain. Established in 1979 and fully owned by the government, the bank provides financing to low-to-medium-income citizens, enabling them to acquire, through purchase or construction, primary residences. The bank’s contribution to Bahrain’s prosperity and stability is achieved by enabling citizens to purchase homes and by involving private-sector financial and real estate development providers in constructing new dwellings. The bank has helped foster a stable economic and social platform, with wide-ranging positive ripple effects to the wider economy. Eskan Bank stands out as the undisputed housing bank of Bahrain, the leading residential-mortgage provider, with a Ministry of Housing mandate that encompasses the beneficiaries of the MOH’s social-housing services, approximately 80 percent of the employed Bahraini population.
The bank’s top priority is to deliver homes that are enjoyable to live in, economically maintained and attractively priced. Eskan Bank is an essential participant in realizing the national goal of providing a home to every family. Working side by side the Ministry of Housing, which allocates social-housing funding to eligible citizens, Eskan Bank supports the Ministry’s efforts to reduce the nation’s affordable housing waiting list. The bank has demonstrated its dedication to fulfilling its social-responsibility role by developing subsidized housing solutions, fostering cohesive communities and improving the quality of life of thousands. Over the last 36 years, the bank has provided more than BD 700 million to more than 50,000 families in mortgage financing. The bank’s team of skilled professionals nurtures long-term relationships with clients, acquiring in-depth insight and understanding into individual circumstances, then providing the maximum number of applicable housing-related choices.
The bank is constantly looking for innovative approaches to fulfill its housing mandate. The Social Housing Financing Scheme is a joint effort with the Ministry of Housing and the government of Bahrain that allows private-sector developers to sell their affordable housing units to social-housing customers through MOH-subsidized mortgages from participating retail banks. Other initiatives include Tomooh, offering apartment buyback options, and pari-passu mortgages, enabling financial institutions to lend to consumers with affordable terms based on house title deed pledges.
Eskan Bank is committed to its participation in a five-year strategy, initiated in 2012, that aims to achieve the housing agenda of Bahrain’s Economic Vision 2030. As part of this project, the bank plans to build 2,500 housing units by 2016 on its own land and through joint ventures with the private sector.
Although its concentration is in housing financing and development, Eskan Bank has extended its scope, providing services and products such as investment and retail banking, Sharia-compliant financing, treasury and capital-management services.
Eskan Bank recently restated its core values, which include integrity, respect, ownership and innovation, with a particular emphasis on “respect”. The bank’s motto and guiding principle is: “Developing synergies to create sustainable communities.” International Banker celebrates the bank’s achievements in realizing its goals with this award.
To view an interview with Dr. Khalid Abdulla, General Manager of Eskan Bank, visit –
For more information on Eskan Bank please visit - http://internationalbanker.com/banking/eskan-bank-as-the-provider-of-choice-for-affordable-housing-in-the-kingdom-of-bahrain/
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