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Update: Tuesday, 6 January 2009    

Al-Baraka bank : New measures to facilities car loans

Wednesday Feb 21 2007.

Marketing manager of El-Baraka Bank, Mr Said Karim, disclosed that the bank is undertaking new procedures to facilitate the granting of cars loans, the bank share will increase to 80% and to expend the payment period to 5 years, besides enlarging the agencies’ nets to reach 30 within 2008.

The lead time to pay off credits has been extended to 5 years (it was 4 years before), the bank has also decided not to change the profit margin estimated at 8% to 8.5%, he says, adding “when conventions are signed with good financial health companies, the rate is cut to 7.5%, and we also lightened funding terms to provide customers with better service”.

“We were the first to initiate cars loans to satisfy our clients’ needs, adding that the outcome of cars’ financing has reached 17 500 clients and, thus, Al-Baraka bank is on top in two consecutive years, and it is nearly present through all cars agencies nationwide.

On other side, the bank’s manager disclosed the launchement of a new product in the market within 2007, that is the real-estate financing. It comprehends renovating houses, buying new ones, self-building or house enlargement. Besides, the bank’s agreement to finance some professions such as doctors, notaries publics and lawyers.

He said he would give competence to agencies to grant credits without resorting to general direction for the files consideration.

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