At least 140 die after migrant vessel sinks off Senegal coast    "SAMA": Mortgages loans reached 208,505 Contracts until Q3 of 2020    Japan's Total Coronavirus Cases Top 100,000    Kuwait Condemns Nice Attack as Brutal Terrorist Crime    Etihad Airways becomes first airline to issue sustainability-linked sukuk    Egypt Condemns Bomb-Laden UAVs Launched by Houthi towards Saudi Arabia    20,000 pilgrims, 60,000 worshipers can enter Grand Mosque daily from Sunday    Community work in spotlight as UN to observe World Cities Day    Abeer Olayan Petroleum and gas expert    Police of Makkah Region: Arrest of a citizen who attacked a security guard at the French Consulate in Jeddah using a sharp tool    KSRelief launches a new voluntary medical campaign in Sudan    Rector of King Khalid University receives Swedish Ambassador    Saudi Press: Saudi Arabia allocates SR 500,000 for each family of health practitioners who died of COVID-19    Weather Forecast for Thursday    As coronavirus cases surge, France imposes second national lockdown    KSRelief delivers civil defense machinery to Palestinian govt    Bahrain's king receives US defense secretary, lauds strong bilateral ties    Outrage after Qatar conducted 'invasive' medical exams of women at Doha airport    KAUST – the fancy city    14-year-old Dubai-based amateur secures invite to ODMC    Maisuria: Warmups, conditioning and rest key to successful return    T20 task forces reveal national talents provide competitive ideas    26 countries pay musical tribute to coronavirus frontline heroes    Al-Kasabi: Summit confirms Kingdom's role in leading global efforts in all fields    A new era in architecture where future details design AlUla's past Nouvel describes UNESCO site as ‘The coming together of a landscape and history'    Saudi Stock Exchange Main Index Ends Trading, higher, at 8,198.9 Points    Qur'an recitation competition for children organized    Ministry of Commerce Highlights Saudi Arabia's Endeavors to Implement Guiding Principles Protecting Consumers, at UN Forum    Bahrain's top Islamic body condemns attempts to insult Muslim symbols    Saudi Stock Exchange Main Index Ends Trading Higher, at 8,155.31 Points    Bestselling global literary icons will lead cultural program at SIBF 2020    Plan to make vaccinations compulsory for birth certificate    Sharjah Film Platform to feature over 60 films    MoH Marks World Osteoporosis Day 2020    Saudi man accused of harassing foreign wife asked to be produced before court Court allows divorce, custody of children by mother    Man United, Liverpool in talks to join new European super league    KSrelief, IMC, Sign Memorandum of Cooperation    Napoli blast four goals as they thumped Atlanta 4-1    VAR foils Liverpool in derby draw with Everton    MoH Calls on Groups of Patients to Postpone Umrah Performance    Ithra to Launch 3rd Creativity Season (Tanween)    Red Sea International Film Festival Announces a New Short Film Competition    S. P. Bala, legendary Indian singer, dead at 74    Happy National Day 90    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    Custodian of the Two Holy Mosques Addresses Citizens and Muslims on Eid Al-Fitr    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





BAB confirms banks' readiness to defer loan installments
Published in The Saudi Gazette on 22 - 09 - 2020

In response to the royal directives, the Bahrain Cabinet and the Central Bank of Bahrain, and an appreciation of the exceptional efforts made by the esteemed government in providing all support to the national economy and all economic activities and citizens and residents, banks operating in Bahrain affirm their willingness to extend their support to customers and welcome their requests to defer loan installments until the end of the current year, to mitigate the effects of the coronavirus pandemic.
Bahrain Association of Banks (BAB) announced that retail banks and financing companies operating in Bahrain would provide their individual and corporate customers with the option to defer loan installments from September until the end of the current year 2020, provided that the interest on the amount and administrative fees will have to be paid and calculated during the postponement period with the same terms and conditions currently applied. It should be noted that the period of repayment of the loan or financing would increase relatively to maintain the amount of the installment unchanged, as the banks will inform their customers.
The association called on individuals wishing to benefit from the installment postponement, with the same conditions included in the existing contracts and agreements, to submit their requests through the link sent by banks to their mobile number to complete the necessary procedures or through any other means of communication within a maximum deadline of Seven days from the date of contacting them. Regarding the companies wishing to defer their installments, they can communicate directly with their account manager in the concerned bank. If the request to postpone the installments is not submitted, the installments will continue as usual without any change.
Adnan Ahmed Yousif, Chairman of the Board of Directors of BAB, stated: "We are delighted to announce today, with the continuous and substantial support provided by our wise leadership, the esteemed government and the Central Bank of Bahrain to the banks operating in Bahrain, that all the banks will fully cooperate with the admirable national efforts executed to allow our economy to overcome the repercussions of coronavirus pandemic with the least possible damages.
"Banks are fully prepared to support these efforts through their response to defer the installments owed by their individual and corporate clients until the end of the current year, provided that the interest rates and fees prescribed by banks on these loans are calculated during the postponement period."
"We invite all clients who wish to postpone their installments to communicate directly with their banks through the special links that will be provided for this purpose shortly," Adnan added.
Dr. Waheed Al Qassim, CEO of BAB, praised the substantial national efforts performed by the esteemed government to provide all support and protection for the national economy and Bahraini society, as well as the cooperation and support of the legislative authority for these efforts, and the sound directives of the Central Bank of Bahrain and its continuous support for banks to play their role effectively, in a way that does not affect banks' liquidity and financial solvency. — SG


Clic here to read the story from its source.