Alizz Islamic Bank strengthens 'IFIN' services in all Danube Home branches

Roundup Tuesday 13/July/2021 15:09 PM
By: Times News Service
Alizz Islamic Bank strengthens 'IFIN' services in all Danube Home branches
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Muscat: Alizz Islamic Bank has extended 'IFIN' services for instant financing to all Danube Home branches spread in the Sultanate.

Alizz Islamic Bank and IFIN had earlier partnered to launch 'IFIN' services in Danube Home’s Al Khuwair branch and now extends this service to all of the Danube Home Branches in Oman.

The 'IFIN' service is the first instant finance service launched by Alizz Islamic Bank in the Islamic banking sector, where it has become possible for customers to obtain financing for goods within ten minutes only. This service allows customers to instantly take home their desired goods such as furniture, luxuries, accessories, health and household appliances from the store having them financed for up to 120 months without the need of visiting any bank branch.

Customers whose salaries are deposited with Alizz Islamic bank, whether Omanis with a salary of OMR 350 or expatriate residents with a salary of OMR 800 are eligible for the financing service. In addition to this, with no down payment requirement, customers can finance 100% of the value of the goods.

The extension of the IFIN Service to other branches comes as part of the bank’s plans to provide a wide range of banking solutions designed with great care.

The process of availing of finance has been simplified into a simple 10-minute process at the store’s checkout counter, where the customer will go through an online verification process and sign the finance contract following an immediate approval.

Goods financing is extended through IFIN based on the Islamic concept of Murabaha, where the bank purchases the goods desired by the customer from the authorised dealer and then sells the same to the customer at an agreed price that is paid in instalments.

It offers complete transparency as the customer knows the bank's profit margin and instalment plan at the time of signing the contract. This arrangement allows for immediate ownership of the goods by the customer who can enjoy a buy-now-pay-later option that is fully Sharia-compliant.

Alizz Islamic Bank seeks to enter into partnership with various retailers and institutions in the Sultanate to facilitate financing for its customers to include other types of products such as cars, electronics, education, travel and holidays and other products that customers need approvals and quick procedures to implement. All retailers are welcome to join the platform to widen their customer base, boost their sales volumes, and offer their customers a unique shopping experience.

Since its inception in 2013, Alizz Islamic Bank has bridged the gap between customers and the bank using the latest technology solutions built on solid infrastructure. The bank is committed to providing its customers with innovative financial solutions and responsive customer services via its corporate website, online banking, mobile banking, short message service, call centre, ATM, ITM, and branch banking.