Muscat: alizz islamic bank has signed a financing agreement based on ‘forward ijarah’ with Al Osool Properties to develop its premium integrated tourism complex (ITC) project — The Pearl Muscat — in Muscat Hills Commercial area.
The transaction was led by the bank’s project finance team offering a comprehensive suite of Sharia-compliant corporate solutions that meet the requirements of the business, said a press statement.
The signing ceremony which took place at the Grand Hyatt Muscat on December 28, was attended by Salaam Al Shaksy, chief executive officer of alizz islamic bank and Hassan Mohamed Juma Al Lawati, managing director of Al Osool Properties.
The signing ceremony was also attended by Ehab Hashish, deputy general manager and head of wholesale banking of alizz islamic bank, alongside the proprietors of the ‘The Pearl Muscat’; Hilal Abdullah Al Hoqani and Ahmed Ali Khamis Al Mahrouqi.
The financing agreement marks an important milestone in the development of Oman’s real estate sector and reiterates alizz islamic bank’s commitment to strengthen institutional participation sustainable to real estate projects.
Commenting on the agreement, Salaam Al Shaksy, said, “We are pleased to partner with Al Osool Properties for developing its premium project ‘The Pearl Muscat.’ This is in line with our strategy to support the local tourism and development projects. The bank continues to demonstrate its commitment towards financing projects which contribute to the local economy.”
Al Shaksy added that the entry of Islamic institutions has brought a range of Sharia-compliant products and services to meet the diverse financing needs of corporate and institutional clients in Oman.
Hassan Mohamed Juma Al Lawatisaid that “the development agreement between Al Osool Properties and alizz islamic bank will provide a solid guarantee to our customers that their properties will be delivered within the stipulated deadline irrespective of the market dynamics.”
The Pearl Muscat is an ITC project developed by Al Osool Properties, a pioneer real estate development and investment company in the Sultanate and is being developed on a plot of 6,911 square metrrs, comprising a basement, ground plus six floors and a penthouse.
Alizz islamic bank provides Sharia-compliant financial solutions for corporate, government and individual customers. In Forward Ijarah, the property is acquired by alizz islamic bank under Istisna sale contract with a developer upon customer’s promise to lease. The property is accordingly leased and delivered to the bank’s customer for agreed term and rentals after which the ownership is transferred to the customer.