Al Baraka Islamic Bank - Merchant Installment Card

In August 2009, Procco Financial Services and Al Baraka Islamic Bank signed an agreement, joining them as partners to launch a first of it's kind Sharia’ Finance product in Bahrain. In this new partnership, Al Baraka and Procco will provide the ability for Bahrain merchants to offer installment finance facilities to their customers, all from the comfort of the merchants’ outlet. Customers will apply in their favorite store for finance to purchase goods today and pay tomorrow, thus avoiding the lengthy process of visiting banks or lending institutions for finance.

Customers of merchants will be able to apply for finance in their favorite merchant, as well as pick up their finance card from the merchants’ outlet and even make their monthly installments at the merchant. Al Baraka Islamic Bank will provide finance the customers and Procco will supply the technical infrastructure which includes the point of sale (PoS) network. In addition to all this, the entire process meets the needs of all nationalities and is 100% Sharia’ compliant. The basis and benefit of the installment product to the customer is; they will know up front how many payments they have, over how long and exactly how much each payment is going to be. Look for the Al Baraka finance logo at your favorite outlet.