14 May 2015
MUSCAT: alizz islamic bank (SAOG), Oman's newest full-fledged Islamic Bank, has signed a strategic agreement with Shaden Development Company (SAOC) to provide long-term Shari'a compliant financing for the implementation of Shaden Al Hail Project phase-2.
The contract was signed by Salaam al Shaksy, Chief Executive Officer of alizz islamic bank, and Khamis bin Mubarak al Kiyumi, Chairman of Shaden Development Company. The signing ceremony was attended by the senior management of Shaden Development Company including Abdul Samad bin Mohammed al Maskari, CEO; Harith al Barashdi, Deputy CEO; Girish Koli, CFO, as well as senior officials from alizz islamic bank including Ehab Hashish, Deputy General Manager, Head of Wholesale Banking.
Commenting on the agreement, Salaam al Shaksy, Chief Executive Officer of alizz islamic bank said: "We are pleased to partner with Shaden Development Company to finance their new project in Al Hail. This is in line with our strategy to support the local tourism and property development projects. The Bank continues to demonstrate its commitment towards financing projects which contribute to the local economy." Al Shaksy also added that the entry of Islamic institutions has brought a range of shari'a compliant products and services to meet the diverse needs of the economy.
Khamis bin Mubarak al Kyumi, Chairman of Shaden Development Company, said: "The real estate market is witnessing a construction and tourism boom due to the economic growth in the Sultanate and the availability of liquidity. I believe the real estate market in the Sultanate has substantial potential for growth and development that meet the requirements of a large segment of the community, in addition to the real estate diversity in the logistics sector."
Shaden Al Hail features a shopping centre, hotel of 300 rooms, a health club and swimming pools. The project is surrounded by green surfaces and is beautifully landscaped.
The project is characterized as a commercial residential project located in Al Hail North of A'Seeb area opposite to Sultan Qaboos Street and near the entertainment centers and large residential projects including the Wave, City Centre, Al Bahja, and Muscat International Airport. The company also plans to develop another 23,000 sq.m project in the same location, comprising a private hospital with international standards, a hotel, and a commercial centre.
MUSCAT: alizz islamic bank (SAOG), Oman's newest full-fledged Islamic Bank, has signed a strategic agreement with Shaden Development Company (SAOC) to provide long-term Shari'a compliant financing for the implementation of Shaden Al Hail Project phase-2.
The contract was signed by Salaam al Shaksy, Chief Executive Officer of alizz islamic bank, and Khamis bin Mubarak al Kiyumi, Chairman of Shaden Development Company. The signing ceremony was attended by the senior management of Shaden Development Company including Abdul Samad bin Mohammed al Maskari, CEO; Harith al Barashdi, Deputy CEO; Girish Koli, CFO, as well as senior officials from alizz islamic bank including Ehab Hashish, Deputy General Manager, Head of Wholesale Banking.
Commenting on the agreement, Salaam al Shaksy, Chief Executive Officer of alizz islamic bank said: "We are pleased to partner with Shaden Development Company to finance their new project in Al Hail. This is in line with our strategy to support the local tourism and property development projects. The Bank continues to demonstrate its commitment towards financing projects which contribute to the local economy." Al Shaksy also added that the entry of Islamic institutions has brought a range of shari'a compliant products and services to meet the diverse needs of the economy.
Khamis bin Mubarak al Kyumi, Chairman of Shaden Development Company, said: "The real estate market is witnessing a construction and tourism boom due to the economic growth in the Sultanate and the availability of liquidity. I believe the real estate market in the Sultanate has substantial potential for growth and development that meet the requirements of a large segment of the community, in addition to the real estate diversity in the logistics sector."
Shaden Al Hail features a shopping centre, hotel of 300 rooms, a health club and swimming pools. The project is surrounded by green surfaces and is beautifully landscaped.
The project is characterized as a commercial residential project located in Al Hail North of A'Seeb area opposite to Sultan Qaboos Street and near the entertainment centers and large residential projects including the Wave, City Centre, Al Bahja, and Muscat International Airport. The company also plans to develop another 23,000 sq.m project in the same location, comprising a private hospital with international standards, a hotel, and a commercial centre.
© Oman Daily Observer 2015
