Sohar Islamic signs MoU with Ministry of Housing and Urban Planning for Convenient Home Financing Solutions

12-12-2022 Back to Newsroom

Contributing towards the development of the Omani real estate sector, Sohar Islamic signed a Memorandum of Understanding (MoU) with the Ministry of Housing & Urban Planning with the purpose of enabling Omanis to own a home. The scope of the memorandum includes financing the beneficiaries of the Naseem neighborhood, the first community neighborhood of the Souroh Initiative launched by the ministry, and similar projects.

Signing the agreement on behalf of Ministry of Housing and Urban Planning was H.E. Eng. Hamad Ali Sulaiman Al Nazwani, Undersecretary of the Ministry of Housing and Urban Planning for Housing with Sohar Islamic represented by Mr. Fahad Al Zadjali, Head of Retail Banking and Branches at Sohar Islamic. The signing ceremony took place at the Ministry of Housing and Urban Planning and witnessed the presence of senior officials from the bank as well as the Ministry. As per the terms of the MoU, Sohar Islamic customers can now obtain quick, easy, and convenient property financing solutions from the bank to purchase properties that are either under construction or fully completed, and that fall under the Ministry’s Sorouh initiative.

Commenting on the signing of the MoU, Mr. Abdul Wahid Al Murshidi, Chief Islamic Banking Officer at Sohar International said, “As a progressive, agile, and dynamic bank, Sohar Islamic is in line with the government’s efforts to enhance the pace of real estate development and achieve the objectives of the comprehensive urban strategy in the Sultanate of Oman. Our partnership with the Ministry of Housing and Urban Planning will not only give an impetus to the real estate sector but will also contribute to meeting the growing demand for Sharia-compliant financing solutions in the sector.”

Launched in 2019, the Sorouh initiative is a key national endeavour that was conceptualised to support the existing housing policies, provide eligible citizens with comfortable and affordable housing alternatives, and reduce the demand for land by citizens. The initiatives includes provision of integrated residential complex with modern specifications to provide stability for citizens. . With the MoU in place, Sohar Islamic will provide the needed support to citizens to conveniently acquire a property of their choice in one of the many housing projects under the Sorouh initiative.

Mr. Abdul Wahid Al Murshidi added saying, “With an expansive suite of innovative financing instruments that adhere to the norms of Islamic finance, the bank seeks to provide customised, end-to-end services that add value to the lives of its customers. Sohar Islamic will continue to remain vigilant of the changes in the economic landscape, leverage budding opportunities, and focus on initiatives that have a sustainable impact on society.”

The Sorouh integrated residential neighbourhood projects have been planned in the governorates of Musandam, Dhofar, South Al Sharqiyah, North Al Sharqiyah, South Al Batinah, and North Al Batinah. It features modern living amenities, green spaces, large public parks, sports grounds, mosques, healthcare facilities, and commercial centers.Committed to the socio-economic progress of the nation. Sohar Islamic has been at the forefront of spearheading innovative propositions to cater to the evolving needs of the market while continuously advocating the benefits of Sharia-compliant financing. Through meaningful partnerships that drive value, result-oriented initiatives, and a customer-centric approach, Sohar Islamic has established itself as a trusted Islamic finance partner in the Sultanate.

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