Tuesday 23 / April / 2024
Muscat: Alizz Islamic Bank has extended the ‘IFIN’ services for instant financing to Mustafa Sultan Electronics. Alizz Islamic Bank and IFIN had previously partnered to launch the ‘IFIN’ services in all the Danube Home branches in Oman. This expansion comes as a result of the peak of the interest of customers to avail this hassle free and instant financing service to them.
Mustafa Sultan Electronics offers customers a variety of consumer electronics, medical and industrial equipment, consumer and industrial lighting, communications equipment, information technology, office equipment, defense equipment, restaurants, money exchange, insurance, real estate, entertainment, air conditioning, logistics and other products.
The ‘IFIN’ service is a unique instant finance service in Oman and was launched by Alizz Islamic Bank earlier this year, enabling it to 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.
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. IFIN is based on the Islamic concept of Goods Murabaha, where the bank purchases the goods desired by the customer from the authorised dealer and 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 possession and ownership of the goods by the customer who never pays more than the agreed amount.
Customers with a monthly income of OMR 350 and residents with a monthly income of OMR 800 are eligible for the financing service with a maximum limit of OMR 15,000. In addition to this facility, 100% financing of the value of the goods is also available. This facility is also available for working individuals and self-employed people.
Alizz Islamic Bank and IFIN partnered with Danube Home to launch this unique instant finance product in the Sultanate, as IFIN is the first company to provide this Shariah-compliant FinTech solution in the world.
Commenting on the expansion of this financing service, Mohammed Al Ghassani, Assistant General Manager, Chief Consumer Banking Officer at Alizz Islamic Bank said: “Alizz Islamic Bank takes pride in making the lives of its customers easy and flexible through the financing products and services it provides. The bank has been focusing heavily on enhancing its product portfolio to cater to the requirement of customers. Alizz Islamic Bank is also committed to achieving its goal of becoming the leading provider of Islamic financial banking services in the Sultanate by providing the best services and innovative banking solutions. The main strategic focus of the bank is to provide exceptional and high-quality customer experience through continuous improvement of its services by employing the latest digital technologies.”
Alizz Islamic Bank seeks to enter partnership with various institutions in the Sultanate to facilitate financing for its customers to include other types of financing such as car financing, retail stores and other products that customers need approvals and quick procedures to implement.
