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Sohar Islamic signs financing deal with Gulf Muscat United
June 7, 2016 | 1:47 PM
by Times News Service
 
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Muscat: Sohar Islamic, Bank Sohar’s Islamic banking window, recently signed a memorandum of understanding (MoU) with Gulf Muscat United to provide preferential Sharia-compliant financing solutions to buyers purchasing office units in the new smart office ‘iTower’ complex currently under development in Bausher, Muscat.

The signing ceremony, which took place at Gulf Muscat United Head Office in Shatti Al Qurum, was attended by Salim Khamis Saif Al Maskry, DGM and Head of Sohar Islamic, and Mazin Mahmood Al Raisi, S. AGM and Head of Marketing and Customer Experience at Bank Sohar, together with other Sohar Islamic and Bank Sohar Executive Management Members. Representing Gulf Muscat United were Mehdi Borhani, the Chairman of Gulf Muscat United (the developer of the project), Nasser Ali Mohammed Al Hashar, Vice Chairman of Durat Al Sahil (the contractor of the project), and Morteza Sanaei, the Project Coordinator.

Commenting on the MoU, Salim Khamis Saif Al Maskry said, “At Sohar Islamic, we always aim to reach out to a broader client base; offering our innovative yet flexible Sharia-compliant financial solutions to customers across the country. The new iTower is a very impressive and visionary project and we are immensely pleased with our new agreement with Gulf Muscat United. We look forward to providing our Shari’ah compliant services and finance facilities to potential buyers looking to purchase units in the Project.”

Sohar Islamic has continued to demonstrate its commitment to its corporate clients with products that are geared towards providing comprehensive and innovative financial solutions through diverse product offerings. These products are aimed at nurturing and developing long-term relationships with clients whilst understanding each client’s unique financing requirements and accordingly providing Sharia-compliant financing solutions for corporate, small and medium enterprise (SME) business, and government institutions. In order to further support its corporate clients Sohar Islamic provides its clients with dedicated relationship managers and high quality services at competitive and market-driven pricing.



Commenting on the partnership, Mehdi Borhani said, “The iTower project sports an iconic design and incorporates numerous smart features new to the Sultanate. Its state-of-the-art temperature efficiency together with its close attention to detail and fibre optic connectivity makes it an ideal and extremely desirable location to house corporate offices and businesses. Our partnership with Sohar Islamic is a perfect complement to our project and will allow us to offer our clients a broader range of financial options, especially those looking for a Sharia-compliant financing option for their new office or business.”

Located in the rapidly growing ‘New Downtown’ Bausher area of Muscat, and in close proximity to Muscat Grand Mall, the eight-floor iTower is poised to be Oman’s smartest and most energy efficient business hub when completed in early 2018, setting new standards for environmental responsibility. The iconic 17,454 sqm development incorporates 70business offices ranging in size from 45sqm to 1,250 sqm, three levels of underground car parking, in addition to an extensive array of restaurants and shops on the ground floor.



“At Sohar Islamic, we take pride in our ability to structure and develop banking solutions that meet our client’s every need. We also ensure that each and every one of these products is developed to the highest standards of international Sharia compliance,” added Salim Khamis Al Maskari.

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