Sohar Islamic signs MoU with National Mass Housing

Muscat, March 08, 2017

Sohar Islamic, Bank Sohar’s Islamic Banking Window signed a memorandum of understanding (MoU) with National Mass Housing, a developer of integrated housing communities, to provide preferential Shari’ah Compliant financing solutions to potential Omani’s buyers for purchasing residential units in the upcoming Areej project – phase 2 located in Muscat. The purpose of this MoU is to jointly provide comprehensive and innovative financial solutions that cater to the buyers’ needs.

The prestigious event took place at the Grand Hyatt in Muscat, and was held under the auspices of H.E. Dr. Hamad Bin Said Al Oufi, Undersecretary of the Ministry of Agriculture and Fishing and attended by a number of senior officials and media representatives. Representing Bank Sohar at the event were Mr. Salim Khamis Saif Al Maskry, DGM and Head of Sohar Islamic and Ms. Munira Abdulnabi Macki, GM of Human Resources and Corporate Support of Bank-Sohar, together with other Sohar Islamic and Bank Sohar Executive Management Members. Representing National Mass Housing were Mr. Khalid Ali Al Yahmadi, Chairman National Mass Housing and Mr. Rashid Saleem Al Masalti, Chief Executive Officer National Mass Housing.

Commenting on the partnership, Mr. Salim Khamis Saif Al Maskry- said, “At Sohar Islamic, we are continuously working towards strengthening relations with our client base in the Sultanate of Oman. This partnership comes as part of our commitment in providing high quality standards and easy financing solutions. With our flexible offerings, we are confident that the Shari’ah Compliant financing solution will suit the financial abilities in terms of convenient residential unit. We are extremely pleased with our agreement with National Mass Housing and look forward to a successful long-term relationship on this project.”

Sohar Islamic’s construction and home finance program is fully compatible with Islamic Shariah law and provides a comprehensive Islamic finance solution and comfort solutions to buyers. With the highest levels of excellence in quality and its features, Sohar Islamic’s financing solutions are best suited to fit the buyers’ needs. The finance provides up to 80% of the property value for a tenure up to 25 years with easy processing and approvals. The terms are simple to understand and process simplified with utmost transparency. Buyers will also get other benefits such as co-financing and joint customer facility. As a value-added benefit, Sohar Islamic Construction and Housing Finance buyers’ can also avail of a bundled pre-approved auto finance limit. Now, nothing beats the joy of having an own home.

Commenting on the MOU, Mr. Rashid Saleem Al Masalti, Chief Executive Officer National Mass Housing said, we are delighted to sign this partnership as Sohar Islamic and National Mass Housing believe in sharing the same objective of facilitating easy financial options to buyers. We consider this agreement as an important step toward improving and providing better financial options in the housing business. We look forward to building a healthy relationship with Sohar Islamic by meeting buyers’ requirements in providing premium and quality residential units.”

The Areej Project – Phase 2 has been launched in 2017 with the objective of providing premium and quality houses to people looking for their dream homes. Located near the German University of Technology and Sandan Industrial Park, this is one of the main features of Areej Villas Project – Phase 2 where people would get the best viewing experience. With an unique mix of originality and modernity, this project will be built around ideal specifications that will add value to the real estate sector in the Sultanate of Oman. In total, the project will have 69 all-new residential villas which will be spacious and built with highly secured security systems. The project will also have other facilities such as swimming pool, spa, mosque, smart lighting, kids zone and parks, eco-friendly green areas and more. The interiors will be designed in European style and will be equipped with the latest means and technologies to ensure the highest level of comfort and safety.

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Launched in 2013, Sohar Islamic – Bank Sohar’s Islamic Banking Window, has a comprehensive range of banking solutions that cover a wide array of Retail and Corporate financing needs. These include SME Banking, auto finance, term deposits, savings accounts, current accounts and construction and housing finance for the Bank’s retail customers. For its corporate clients, Sohar Islamic offers construction finance, asset finance, working capital finance, project finance, trade finance, treasury and investment products. All products and services offered by Sohar Islamic adhere to the highest level of Shari’ah compliance and are specifically designed to meet certain key criteria including a complete segregation of funds, stand alone and independent branches, separate sales staff, a strong Shari’ah Supervisory Board and Shari’ah Audit and Compliance unit, committed management, and the application of the world’s best Islamic banking software. Sohar Islamic assures compliance with the standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

For more information regarding Sohar Islamic, please visit any of our branches located in Muscat (Al Khoudh & Al Ghubra), Sohar (Falaj Al Qabail), Nizwa (Firq) and Salalah (Saada). Alternatively, customers can also call 24730000, or visit www.soharislamic.net.

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© Press Release 2017