Alizz bank to fund GUtech expansion
The financing facilities will be used for the construction of an additional academic building on the GUtech campus and a 400-room student on-campus accommodation building.
MUSCAT: Reinforcing its position as one of Oman’s most dynamic and innovative Islamic banking institutions, Alizz Islamic Bank signed an agreement with Oman Educational Services (OES) to finance the expansion of the German University of Technology in Oman’s (GUtech)’s facilities and student accommodation. OES is the owner company of GUtech.
As per the agreement, the financing facilities will be used for the construction of an additional academic building on the GUtech campus, a 400-room student oncampus accommodation building, and the completion work for the conference and exhibition centre, as well as the development of the Mahara research centre, GUtech’s research centre, said a bank release.
This is the first agreement of its kind in which OES has secured Sharia-compliant financing.
The agreement was executed by the project finance team at Alizz Islamic Bank, which has extensive experience in providing financial solutions that comply with the principles of Islamic Sharia.
The signing of this agreement is in line with Alizz Islamic Bank’s strategy to support and finance various projects in the Sultanate and contribute to the growth of the economy.
The agreement was signed on behalf of the Alizz Islamic Bank, by Salaam bin Said Al Shaksy, chief executive officer ( CEO) of Alizz Islamic Bank and was signed by Dr Hussain bin Sulaiman Al Salmi, CEO of OES, on behalf of GUtech. The signing ceremony was attended by a number of officials from the two organisations.
“Backing the Sultanate’s educational institutions is an important part of our strategy and we are happy to be part of this initiative that will help this sector to grow and thrive. Alizz Islamic Bank is a strong example of how Islamic financial institutions can support the growth of the educational sector, which is crucial for the development of the country,” said Al Shaksy.
“Alizz Islamic Bank offers strategic financial solutions that our organisation requires and we are delighted to be affiliated with them. Partnering with Alizz Islamic Bank will help us fulfil our growth plans and boost facilities for our students and stakeholders to continue in their academic journey,” noted Dr Al Salmi. Alizz Islamic Bank offers various structured financing solutions that are designed to meet the requirements in various sectors.