In an effort to get everyone vaccinated against COVID-19 within the nooks and crannies of the country, a financial institution has taken its campaign further by waiving administrative fees for personal and property facilities.

Al Salam Bank in Bahrain disclosed that it will be suspending charges for loan issue to customers in the latest regional initiative aimed at encouraging uptake of the jab.

The Algeria bank is offering financing products with no administrative fees, including personal and property facilities as well as the Mazaya social housing program.

Meanwhile, customers of the bank can benefit from the offer by showing an official medical certificate or the kingdom’s ‘BeAware’ application as confirmation of their (COVID-19) status.

“We are proud to launch the Al Salam Initiative, which aims to encourage all eligible members of the Bahraini community to take the vaccine against Covid-19, as a crucial step towards protecting themselves as individuals as well as the greater community,” said Al Salam Bank’s head of Retail Banking Mohammed Buhijji.

“Granting a waiver of administrative fees on all financing facilities to all our customers who have been vaccinated is a reflection of our ongoing support to the public during the current circumstances.”

Recent announcements across the GCC have included discounted driving lessons, free coffee and complimentary taxi journeys.

Last week Bahrain Grand Prix announced that those vaccinated or who had recovered from the virus would be eligible to buy tickets for this year’s Formula One season opener.

SOURCE: https://brandnewsday.com/2021/03/16/bank-offers-free-loans-to-customers/

Headline doesn't reflect the contents of the thread. Most Arab countries offer interest free loans with administrative charges (loan agreement fee binded by Islamic injunction). An administrative charge is a fee charged by an insurer or other agency responsible for administering an insurance policy to cover expenses related to record-keeping and/or additional administrative costs while Interest is a money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.