The Minister of Housing, Chairman of the Board of Directors of the Housing Bank, valued the level of partnership with local banks and their prominent role in the success of the Mazaya Program and their great interaction in supporting the programs and products offered by the Ministry of Housing in line with social responsibility, which has become one of the global requirements for banks.
He also praised the great role of the Central Bank of Bahrain represented by the governor and the bank's executives during the launch of the Mazaya program or future products according to the supervisory requirements of the Central Bank, its rules and regulations.
This came during the introductory consultative meeting with the chief executives and in the presence of the Governor of the Central Bank, Rasheed Al-Maraj, the Governor of the Central Bank of Bahrain today to assess the level of partnership for banks through the Mazaya Program and the Ministry's directive to launch new financing products.
During his speech at the meeting, the Minister of Housing confirmed that this meeting comes within the framework of completing the rehabilitation of banks and banks to participate in the initiatives and financing solutions that the Ministry seeks to put forward during the next stage, if approved.
The minister said that the axis of partnership with the private sector comes at the forefront of the government's priorities, headed by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, may God protect him, to provide immediate services to citizens, as this contributes to diversifying the options for the beneficiaries, and provides immediate solutions. To obtain adequate housing, stressing that this is in line with the objectives of the Bahrain Economic Vision 2030 with regard to the social housing sector, and the government's program with regard to providing immediate and innovative services.
Al-Hamar pointed out that the ministry seeks to supplement the national economy with more initiatives aimed at stimulating the real estate, commercial and financial market in the Kingdom of Bahrain, stressing that the participation of banks and commercial banks in the initiatives put forward by the ministry during the last stage, most notably the Mazaya Program, has proven a great success, as evidenced by the provision of This program has provided more than 10,000 social housing services over the past years.
The minister noted the ministry's keenness to provide financial facilities to citizens through various initiatives that are under study and approval during the current stage, and that banks have a major role in the success of these solutions as a strategic partner in that system.
For his part, the Governor of the Central Bank of Bahrain Rasheed Al-Maraj stressed the importance of the initiatives and opportunities presented by the esteemed government to banks and commercial banks, and their involvement in the programs of providing social housing through the housing finance initiatives offered by the Ministry of Housing, noting that all parties benefit through this type of housing. Initiatives
Al-Maraj said that what is evidenced by this is that the past period and what it witnessed imposed the challenges of the Corona pandemic and economic impacts, but that the provision of housing finance by banks to citizens under the umbrella of the Mazaya Program was not affected, as a result of the high demand for social housing services, expressing his confidence in the success of the system Working between banks and the government, during the upcoming initiatives, which confirms that the government's vision in activating the partnership with the private sector in the housing sector was a right decision.
The meeting witnessed the Director General of the Housing Bank, Dr. Khaled Abdullah, presenting a presentation addressing the views of the Ministry of Housing and the Housing Bank regarding the ideas put forward to increase social housing financing initiatives, which witnessed interaction by banks and commercial banks during the last stage.
Dr. Khaled Abdullah also stressed that the ministry and the bank are fully prepared to cooperate and provide the necessary facilities to ensure the provision of easy options and solutions for citizens to obtain adequate housing immediately.
