Alizz Islamic Bank signs agreement with Al Iskan Al Tullabi

MUSCAT: Reinforcing its position as one of Oman’s most dynamic and innovative Islamic banking institutions, Alizz Islamic Bank signed an agreement with Al Iskan Al Tulabi to finance the development of a purpose built student and trainee complex with 2,694 beds and a two-floor retail area operated by The Myriad.

The facility, which will be built in Al Khoudh, is set to offer over 2,600 students the chance to reside in close proximity to their university. Students will have the freedom of choice that best suits their needs as they will be provided with modern, practical and affordable single and multioccupancy rooms. In addition to the student rooms, the complex will offer two floors of retail space and recreational facilities; this includes a mix of restaurants, cafes, shopping stores, theatre, health club, gaming, supermarket, personal services and a lounge area with communal kitchens on every floor. Access to residential levels to all three blocks will have separate entrances from the mall with dedicated reception area ensuring secure entry.

The agreement was signed by Salaam bin Said Al Shaksy, CEO of Alizz Islamic Bank and Vikram Rao, CEO of The Myriad. A number of officials from the two organisations attended the signing ceremony.

The agreement was executed by the project finance team at Alizz Islamic Bank, which has extensive experience in providing corporate 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.

Remarking on the signing of the agreement, Al Shaksy said, “We are honoured to provide this finance facility and we thank Al Iskan Al Tullabi for partnering with us. 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 economy.”

Al Shaksy added, “We have developed a variety of banking products and services that meet all the financing needs of government and privately owned entities and corporations operating in Oman.”

Vikram Rao said, “Alizz Islamic Bank offers the strategic financial solutions that our organisation require 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 Omani students to continue their academic journey in close proximity to student accommodation.”

The Myriad is the Middle East, Asia, Africa partner of Asset Campus International, the largest student housing company in the United States of America.