Alizz Islamic Bank’s growth plans on track

21/09/2014 01:34 AST

As the bank will be soon marking its first year of operations, Alizz Islamic Bank’s performance has been in line that of other Islamic banks operating in the country. “Bank’s focus has been on growth and as per the industry trends, the break even may be take three years or more,” said Saif al Yarabi, Chief Operating Officer, Alizz Islamic Bank, speaking at an agreement ceremony.

Alizz Islamic Bank last week signed an MoU with Pride Home and Max Electronics (Home Centre & Emax) for personal asset finance (goods murabaha) services. As a result of this MoU, Alizz Islamic Bank will be a preferred Islamic banking financier for personal asset finance, encompassing both home furniture buyers and electronic retail and corporate buyers. Al Yarabi and Clive Freeman, Chief Operating Officer, The Landmark Group, signed the MoU at the signing ceremony in the presence of Moosa al Jadidi, Deputy General Manager — retail banking.

Giving details about the project, Jadidi said that all account holders will be entitled to home finance at Home Centre and Emax at an interest rate of 5.25 per cent, on purchase of good worth over RO 1,000. The loan applicants should have a minimum salary of RO 300 to be eligible for this offer. He said the bank also plans to have agreements with hospitals and travel agencies and this is the first step in this direction.

“At Landmark Group, we constantly explore opportunities to improve the shopping experience of our customers. This agreement with alizz Islamic bank will make it easier for our customers to purchase items of their choice from our Home Centre and Emax outlets, providing added convenience to their shopping experience” said Freeman.

Yarabi said, “The tie-up will enable the bank to increase its personal asset finance portfolio substantially. It is an exciting partnership which will give us a platform to offer Sharia compliant financing facilities to prospective buyers of Home Centre & Emax throughout the country. Thus, the bank’s retail portfolio as well as customer base can be increased. We see a prosperous and exciting future with The Landmark Group.”

The bank has been able to offer differentiated product packages from day one with 24 products in place for both the consumers and corporate customers as well as competitive employee packages. The personal asset finance portfolio includes a dream holiday, education finance such as school or college fees, events including wedding expenditure, Haj and Umrah, home furniture or even purchase of consumer durables such as electronics.

Oman Daily Observer