BisB offers relief measures, urges utilisation of digital platforms

TDT | Manama

Bahrain Islamic Bank (BisB) has launched a series of relief measures to help lessen the financial burden of companies and individuals under its portfolio. To avert the spread of the virus and minimize the impact on society and the economy, BisB has also asked customers to take full advantage of its digital platforms and minimize visits to the branches.

“We applaud the energy exerted by the wise leadership in containing the situation and safeguarding the well-being of all citizens, residents and businesses. We consider it our responsibility to play our part to further enhance these efforts,” explained Chief Executive Officer of BisB, Hassan Amin Jarrar.

As per the new measures, all Bahraini customers who have already applied for personal, mortgage and auto-financing solutions by 19 March 2020 or before, will automatically receive a six-month deferral of installments without any fees, no profit on profit or increase in the profit rate.

However, if the borrower agrees to a shorter period or does not wish to avail any deferral, they can request this by either emailing callcentre@bisb.com, through BisB Digital or by contacting BisB on 17515151 before 30 April 2020, the bank said. Customers interested in applying for new personal and auto financing solutions will receive a six-month grace period.

As for credit card holders, the required minimum monthly payment will be set to zero from March until August 2020 and late payment or over-limit fees will not apply for this period. BisB has also introduced support initiatives for its corporate customers.

Existing customers applying for any new drawdown will automatically receive up to six months grace period and will also be offered the same on their existing facilities.

The bank said it is engaging with its customers to analyze and assess their liquidity status and Relationship Managers are on standby to advise and guide clients through relief solutions suitable to their cash flow. Besides, the bank’s corporate mobile application, BisB Corporate Digital, is available to all existing customers to enable quick and easy access to multiple functions.