04/07/2018 08:09 AST

Bank Nizwa has announced a new reduced rate of 5.25 per cent for ready property financing, in a move aimed at offering a speedy solution for people looking to avail of ethical financing for home ownership.

Customers opting for the competitive rate will be able to purchase their property of choice under the principles of Ijara financing. The bank said its Sharia-compliant instruments deliver the ultimate sense of comfort that offers ethical, quick, and hassle-free solutions.

Designed for customers looking to avail of ethical financing, the bank’s property financing products allow customers with a minimum salary of OMR400 to acquire complete ownership of their home in full-compliance with the principles of Islamic finance. The latest competitive profit rate offers customers from across the Sultanate the opportunity to buy the home of their dreams and offer their dependents complete security, according to the bank.

“Our property financing offers personalised end-to-end services that meet the unique requirements of our growing customer base,” said Arif Al Zaabi, Acting Head of Retail at Bank Nizwa. “The new competitive profit rate is ideal for individuals looking for Shariah-compliant financing to own their property of choice in a seamless manner. Our goal is to continue meeting the growing demand for Shariah-compliant financing in Oman with a host of innovative solutions.”

Bank Nizwa’s property finance solutions offer customers a choice between the Ijara/Forward Ijara scheme, under which the bank buys a property and then leases it to the customer, and the Murabaha scheme, where the bank purchases a property and sells it to the customer for a profit on deferred payment basis. Bank Nizwa also provides customers a full suite of financing solutions that complement property financing, including land financing, ready property financing, and financing for properties under construction, in line with the Islamic concepts of Murabaha, Ijara, and Forward Ijara.

Bank Nizwa customers can also benefit from a range of value-added services, discounts and offers from the bank’s extensive and expanding list of service providers and vendors. Its network and partners want to ensure that customers get to avail of the most competitive financing deals, as well as a host of value-added propositions related to owning their dream home, the bank said.


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