Sohar Islamic provides extensive solutions for SMEs

Business Sunday 10/December/2017 17:39 PM
By: Times News Service
Sohar Islamic provides extensive solutions for SMEs

MUSCAT: As part of its commitment towards the national focus on optimising the development of small- and medium-sized enterprises (SMEs), Sohar Islamic — Oman’s premier Islamic banking window from Bank Sohar — offers a wide array of products and services that are tailored to meet the financial needs of this segment of customers. The Islamic window offers up to 90 per cent financing for SME projects over a period of up to seven years and competitive market prices, as part of Sohar Islamic’s Murabaha that is fully compliant with Islamic Sharia regulations.
“We are very much in adherence with the directives of His Majesty Sultan Qaboos bin Said and the recommendations of the Central Bank of Oman on the optimisation of the Sultanate’s SME sector for further growth and diversification of the economy as a whole. Thus, our continuous efforts that aim at supporting SMEs are led by this goal, and we invest every resource to encourage entrepreneurship and to motivate talented Omanis to participate in the growth of the SME sector,” said Salim Khamis Al Maskry, DGM and Head of Sohar Islamic.
Sohar Islamic has developed an extensive range of products and financial solutions that are specifically designed to suit market developments and the prevailing economic conditions. They are developed to meet the needs of the customers in this sector, who have businesses in areas such as trade, contracting and supply services, and much more.
The inclusion of ancillary services into its SME product portfolio allows Sohar Islamic to offer increased value addition to its customers. Customers who avail of its SME products are also entitled to a variety of facilities, such as purchasing of construction equipment, machinery and commercial vehicles, hassle-free approvals for financing requests, as well as the provision of agreements with suppliers of equipment, vehicles and traders.