Eskan Bank was established in 1979 with a unique social role to provide mortgages for citizens of the Kingdom of Bahrain on low-to-medium incomes, and also to engage in community- related property development activities. Since 2005, the Bank has expanded its activities and now offers investment banking, retail banking, Shari’a-compliant financing, property development, property management, and treasury and capital management services.
Today, Eskan Bank is the Kingdom’s leading provider of residential mortgages, and a significant player in the property development market. Since inception, the Bank has provided mortgages totalling BD 715.6 million benefiting 50,834 Bahraini families. Eskan Bank’s property development and investment activities embrace real estate investment, construction and property management; as well as finance for the construction of social and affordable homes, Community Projects and commercial projects.
As the Bank’s property development arm, its subsidiary, Eskan Properties Company (EPC), develops social, affordable, community and commercial projects in partnership with the private sector and the Government.
Through its associate companies, Eskan Bank seeks to expand its social and community role. Ebdaa Bank provides micro-financing for low-to-middle income Bahraini families to help them start their own businesses and become financially independent; while Naseej B.S.C. (c) acts as a catalyst in addressing the need for social and affordable housing in the Kingdom, and enabling more Bahrainis on middle incomes to afford home ownership.
The Bank strongly believes in the importance of the private sector’s active involvement in addressing the Kingdom’s housing needs. In this respect, the Bank has structured innovative financial packages to attract private sector participation. It has also established partnerships with property developers and soon with landlords, to construct social and affordable housing units.
In 2012, Eskan Bank commenced the implementation of a new five-year strategy which significantly strengthens the scope of the Bank’s activities to support the social agenda of Bahrain’s Economic Vision 2030. In particular, it defines the Bank’s role to assist the Ministry of Housing in achieving the Government’s commitment to significantly reduce the backlog of housing applications by Bahraini families on low-to-medium incomes. This is being achieved by accelerating the construction of social housing units in partnership with the private sector. In this respect, the Bank initiated a plan to build 2,500 social and affordable housing units on its land bank and through joint venture with landlords by 2016.
Wholly-owned by the Government of Bahrain, and with an authorised share capital of BD 400 million and paid-up capital of BD 108.3 million, Eskan Bank operates under a restricted conventional retail banking license issued and regulated by the Central Bank of Bahrain. At the end of 2014, total assets of the Bank stood at BD 610.7 million.