Sohar Islamic offers construction, housing finance in 72 hours

MUSCAT: In-line with its commitment to customer service excellence and following the recent announcement of its commitment to approve and complete the entire Auto Finance process in just one hour, Sohar Islamic-Bank Sohar’s Islamic window, now commits to review and conclude construction and housing finance applications in less than 72 hours.

Bringing added value convenience to accommodate modern lifestyles, the Sharia-compliant finance is available on property agreements of up to 25 years with 80% financing on new and existing developments.

Commenting on the facility, Mr Salim Khamis Al Maskari, DGM and Head of Sohar Islamic, said: “Oman’s housing market has become increasingly competitive, and in keeping with modern lifestyles, transactions now happen faster than ever. Sohar Islamic is committed to help buyers maintain pace as they generate positive economic out comes by reducing unnecessary delays. Our streamlined facilitation of quality financial proposals secures our position as a strong competitor in Oman’s emerging Islamic finance sector, raising the bar with its less than 72 hours promise. Sohar Islamic commits to complete its procedures promptly to deliver the utmost convenience to valued customers, making home construction and purchase easier without compromising on principles”.

Sohar Islamic’s Construction and Housing Finance facility is open to all customers with competitive profit rates and the option of a co-financed facility. Interested Omani citizens over the age of 18 years, and expatriates over the age of 30, with a minimum salary of OMR300 and OMR750, respectively, can apply at any of Sohar Islamic’s six branches across Oman.

To ensure all products and services offered by Sohar Islamic adhere to the highest level of Shariah-compliance, the Islamic window adheres to certain key criteria, notably a complete segregation of funds, stand-alone and independent branches, separate staff, a strong Shariah supervisory board and compliance unit, committed management, one of the best Islamic banking software in use worldwide, and strict obedience to the standards set by the Accounting and Auditing Organisation for Islamic Financial Institutions.