Muscat: As the leading Islamic bank in Oman, Bank Nizwa has consistently endeavoured to contribute to the nation’s revenue diversification agenda.
In line with the same, the bank recently signed a Memorandum of Understanding (MoU) with Sustainable Development and Investment Company (SDIC) to offer Sharia-compliant home finance solutions to customers aspiring to buy properties at The Sustainability City – Yiti. This strategic agreement will help customers finance off-plan residential properties in the city whilst it is still under construction.
With a competitive profit rate of 4.85 per cent, Bank Nizwa seeks to make owning a home at this iconic location even more convenient, quick and secure. The Sustainable City – Yiti is set to be the first fully sustainable community in Oman, and will meet the highest standards of social, environmental and economic sustainability, with mixed housing typologies to suit different categories. The new project is also in alignment with Bank Nizwa’s core values of supporting the country’s transition to a green, circular economy whilst focusing on holistic well-being.
Commenting on the signing of the MoU, Khaled Al Kayed, Chief Executive Officer at Bank Nizwa said, “We are indeed delighted to have signed this MoU with SDIC, the company responsible for developing the Sustainable City- Yiti, one of the region’s most prominent urban development projects to embrace the principles of sustainability. This strategic initiative is congruent with Bank Nizwa’s vision of playing an instrumental role in key national projects that are shaping the future of the country. The project’s keen focus on green energy also complements Bank Nizwa’s efforts towards fostering sustainable socio-economic progress in the country through unique, industry-first products and services.”
He added saying, “As the Sultanate’s foremost Islamic bank, Bank Nizwa has established itself as a transparent, reliable and capable Sharia-compliant lender. Our actions are driven by an inherent zeal to make Islamic financing simpler, seamless and easily accessible to the community. At the same time, we constantly seek to deploy propositions that add value to the lives of our customers. Bank Nizwa’s flexible Sharia-compliant financing solutions will go beyond giving an impetus to the real estate sector – it will help individual customers contribute to Oman’s green vision as they enhance their asset portfolio.”
Hashil bin Obaid Al Mahrouqi, Chairman of the Board of Directors of the SDIC said, “We are pleased to sign this agreement with Bank Nizwa. This signing comes as part of our continued commitment to work with our partners to provide superior services and reliable financing solutions to investors and customers of The Sustainable City - Yiti.”
He added, “The Sustainable City - Yiti - with an investment value of approximately $1 billion, is an innovative project introducing a new concept to Oman’s real estate and tourism industries. It is considered the first project to provide residential units and tourism facilities designed to meet the highest standards of environmental, economic and social sustainability. When completed, it will be the single largest sustainable complex of its kind in the world, and the first zero-carbon tourism residential complex in the Sultanate of Oman. For us, sustainability is no longer just an option, but a necessity that is at the forefront of the country’s economic development. We are confident that The Sustainable City - Yiti will be a pioneering model for Omani cities in the future.”
The Sustainable City - Yiti project is being developed by Sustainable Development and Investment Company (SDIC), a joint venture between Omran Group, the executive arm of the Sultanate for developing the tourism sector, and Diamond Developers, the leading company in developing sustainable communities. The Sustainable City, which is part of Yiti Integrated Tourism Development will be the largest operational sustainable community in the region, with residential, recreational, educational, and commercial facilities. The city will play a significant role in avoiding carbon emissions across Oman by producing clean energy, recycling water and waste, producing food, and adopting clean mobility solutions, to name a few of their sustainable strategies.
The Islamic home financing solutions from Bank Nizwa will hugely benefit buyers as the project provides a lucrative investment opportunity with immense growth potential. Bank Nizwa, through its continued local and international alliances, has been proactive in creating partnerships that aid in the sustainable progress of the country and the welfare of its people.