Muscat: Sohar Islamic, Bank Sohar’s Islamic banking window, recently signed a memorandum of understanding (MoU) with Muscat Hills to provide preferential Sharia-compliant financing solutions to Omani citizens, GCC nationals and expatriates as well, interested in investing in freehold office or residential property developed and built by the company.
The signing ceremony, which took place at the Bank Sohar head office in MBD, was attended by Rashad Ali Al Musafir, acting chief executive officer; Salim Khamis Al Maskari, DGM and head of Sohar Islamic, representing Bank Sohar; and Sayyid Al Rawy Qais Al Said, chief executive officer and chairman, representing Muscat Hills.
Commenting on the MoU, Rashad Ali Al Musafir said, “The signing of this MoU between Muscat Hills and Bank Sohar allows us to forge a mutually beneficial strategic partnership between our two institutions. It is also in-line with our strategy for Sohar Islamic that aims to reach out to a broader client base; offering our innovative yet flexible Sharia-compliant financial solutions to customers looking to purchase property at Muscat Hills.”
Sohar Islamic’s construction and home finance programme is fully compatible with Islamic Sharia law and provides a comprehensive Islamic finance solution. This product is distinguished with its affordability and flexible terms which offer financing for up to 80 per cent of the property value, with a repayment period of up to 25 years at competitive profit rates and quick processing time.
In addition, preferential profit rates are also provided to customers for the first and second year along with the facility to takeover. If required, instalment deferment options are also available for the convenience of the customer.
Among the benefits of this programme is that the beneficiary is not required to pay any early payment charges if the dues are repaid after one third of the tenure. The customer can also avail of bundled solutions with a pre-approved auto finance limit. The programme also offers quick processing and co-financing and joint customer financing facilities.
Commenting on the partnership, Sayyid Al Rawy Qais Al Said, said, “The location of our properties at the Muscat Airport Heights make them extremely desirable, especially given their future potential and other upcoming developments in the area. This is clearly reflected in the demand we have seen for our properties.”
“Through this partnership with Sohar Islamic we will be able to offer our clients a broader range of financial options. Their home finance solutions are amongst the best in the market and will no doubt be a value proposition for those of our customers looking for a Sharia-compliant financing for their new home or business,” he added
The new property, under the management of Muscat Golf Course Projects and developed by Muscat Hills Development, encompasses a land area of 10,195 square meters and 68 per cent built-up area, totalling 24,324 square metres. Situated in close proximity to the airport, the seven-floor development, named ‘Muscat Hills Office Tower’, will encompass freehold office space and hotel apartments that will be made available to both national and expatriates.
“Our Islamic Construction and Housing Finance solution is one of comprehensive range of banking solutions covering a wide array of retail and corporate financing needs. Each and every one of these products are developed to the highest standards of international Sharia-compliance and include automobile finance, term deposits, savings and current accounts,trade finance and treasury services and more,” added Salim Khamis Al Maskari.
Sohar Islamic - Bank Sohar’s Islamic Banking Window was launched in 2013. All products and services offered by Sohar Islamic that include Retail and Corporate adhere to the highest level of Sharia compliance, and are specifically designed to meet certain key criteria including a complete segregation of funds; stand alone and independent branches, separate sales staff, a strong Sharia Supervisory Board and Sharia Audit and Compliance unit; committed management; and the application of the world’s best Islamic banking software. Sohar Islamic assures compliance with the standards of the Accounting and Auditing Organisation for Islamic Financial Institutions.