Bank Sohar’s dedicated Islamic banking window - Sohar Islamic, offers Shariah compliant personal financing up to 100 per cent of the value of goods purchased and for a maximum tenure of up to 120 months, enabling clients to fulfill a wide array of acquisitions. The solution offered extend to purchases such as furniture, electronics, construction materials, equipment, unexpected medical conditions, travel, education, or wedding expenses and more.
Mr. Salim Khamis Saif al Maskari, DGM and head of Sohar Islamic said, “Over the past few years, Islamic banking has gained popularity as more customers seek alternative banking solutions that meet their financial requirements. Leveraging on our understanding of such requirements while also appreciating the values of our customers, we at Sohar Islamic are now offering added convenience in our innovative personal finance solutions for a wide range of purchases with the aim to help our valued customers achieve more in life.”
Sohar Islamic offers two main personal finance services which are ‘Goods Murabaha’ and ‘Service Ijarah’. With Good Murabaha, the Bank, at the customer's request, purchases certain goods from the authorized dealer and sells the same to the customer at an agreed price including its profit margin. This arrangement allows for immediate possession and ownership of the goods. ‘Service Ijarah’ on the other hand is based on the Islamic financing principle of 'Ijarah' for the services. Through this mode of finance, the Bank have in place agreements with various service providers, whereby the Bank leases the services required by the customer directly from the provider and sub-leases it to the customer.
Both Shariah compliant personal financing solutions from Sohar Islamic are available to Omani citizens, GCC nationals and expatriates alike, and offer key benefits such as immediate issuance of Free Visa Debit Card , round-the-clock availability of cash through ATMs, cash deposits facility (CDM) via onsite ATMs, free issuance of statement of accounts, SMS alerts services, and Internet and Mobile banking platforms.
For more information about Sohar Islamic products, customers may visit any of the 6 branches located around Muscat (Al Khoudh and Al Ghubra), Sohar (Falaj Al Qabail), Nizwa (Firq), Barka and Salalah (Saada). Alternatively, they can call 24730000, or visit www.soharislamic.net.