Muscat: Alizz Islamic Bank has strengthened its strategic partnerships with real estate development companies in the Sultanate by signing a new agreement with Shaden Development to provide easy and flexible financing facilities to customers who wish to buy an apartment in Shaden Al Hail Residential Complex, which is one of the most prestigious residential complexes in Muscat.
This agreement comes within a variety of housing financing options offered by Alizz Islamic Bank represented by the Retail Banking Department, all of which comply with the provisions and principles of Islamic Sharia.
The signing ceremony of the agreement was held at the head office of Alizz Islamic Bank in CBD, Ruwi, coinciding with the Sultanate’s celebrations of the glorious National Day.
The memorandum was signed by Mohammed Al Ghassani, AGM – Chief Consumer Banking Officer on behalf of Alizz Islamic Bank, and Engineer Abdul Rahman Ba Omar, Board Member of Shaden Development Company on behalf of Shaden Development Company. The signing ceremony was attended by the CEO of Alizz Islamic Bank, Suleiman Al-Harthy, and a number of senior management members.
According to this agreement, Alizz Islamic Bank will provide financing facilities to customers who wish to purchase an apartment in Shaden Al Hail project for eligible customers with exemption from profits and transaction fees for a period of up to 48 months or 4 years.
Shaden Development Company will bear the transaction fees and profits on behalf of customers during this period, as well as the Takaful insurance fees, with the possibility of extending according to the agreement that is also concluded between the customer and the developer. The validity of this offer is from November 18 to December 31.
Alizz Islamic Bank will provide housing finance under the Diminishing Musharakah concept with a financing rate of up to 80 per cent of the value of the housing unit for eligible customers in accordance with the bank’s policy, as well as the Debt Burden Ratio (DBR) and the approval of the valuation report for each financed unit from appraisers approved by the bank in accordance with the current procedures; and at a rate of 90 per cent of the value of the housing unit for customers who take home financing for the first time in accordance with the applicable internal bank policies and procedures.
In addition, Alizz Islamic Bank offers financing facilities at a reduced profit rate with a very fast completion of banking transactions, as all services and products offered by Alizz Islamic Bank have been approved by the Fatwa and Sharia Supervisory Board in accordance with the principles of the Islamic Sharia.
Under the principle of "Diminishing Musharakah", Alizz Islamic Bank will enter into a Diminishing Musharaka agreement with the customer, whereby each party contributes to the Musharaka assets a certain percentage of jointly owning the property. The parts of the bank and the customer that are joint in the partnership assets are divided into equal shares when the construction stages are completed, and the bank begins to transfer the ownership of its share in the real estate by selling its shares to the customer gradually, and the customer buys the bank’s shares in the real estate from time to time by paying the sale price in scheduled instalments.
Accordingly, upon maturity of the participation, the ownership of the bank in the property must be transferred exclusively to the customer, and accordingly, the customer is considered the sole owner of the property.
As for customers who wish to take advantage of this exceptional offer and do not hold accounts with Alizz Islamic Bank, all they have to do is contact the customer service centre or visit the nearest branch of Alizz Islamic Bank, as the housing finance requires transferring the salary to the bank and enjoying a varied array of financing services provided by Alizz Islamic Bank, whether at the level of housing or personal finance, all of which are in accordance with the provisions and principles of Islamic Sharia.
It is worth mentioning that Alizz Islamic Bank has signed during the last period a variety of agreements with various real estate developers to provide a wide range of housing finance options for customers. Alizz Islamic Bank intended to stay close to its customers and listen to them and then take their desires and opinions and translate them into reality to realize every dream they deserve.