Jun 12 2011 |
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Realty sector to benefit from Islamic banking
12 June 2011, Muscat: Leading property management and consultancy firm Hamptons International has enthusiastically welcomed the government's decision to allow the introduction of Shariah-compliant Islamic financial services in the domestic banking system - a move it says promises to impart a much-needed fillip to the real estate sector.The recent Royal Directive authorising the offering of Islamic banking services - for the first time in Oman - has the potential to jumpstart a recovery of the once-vibrant property market, according to the reputable realty management firm.
Appreciating the government's initiative, Mr. Mohamed Ayjaz, General Manager, Hamptons International & Partners LLC Oman, commented, "As a widely embraced alternative to conventional interest-based banking, Islamic finance has the potential to, among other things, spur a revival of the domestic real estate sector. This impending resurgence will not only help bolster investor confidence in the local market, but also accelerate national economic growth as well."
Shariah-compliant banking, which relies on the profitability of the project and not on fixed interest rates offered by conventional banks, has been widely tapped by realtors in places as far afield as Japan, United States and Europe besides the Middle East. This mode of finance is also acknowledged as a socially responsible route to investment, particularly as financing institutions shun investments that are not compatible with Islamic norms or are fraught with undue uncertainty.
As a potentially prodigious source of alternative funding, Islamic finance also has the potential to support the realisation of a number of national objectives, Mr. Ayjaz points out, noting in particular the government's goal of implementing a range of citizen-centric welfare schemes.
Elsewhere in the region, Islamic banks and finance institutions now offer a range of services that support Islamic private equities, venture capital, mergers and acquisitions, syndicated lending, real estate investment, wealth and asset management, fund management and capital markets among others.
Hamptons, which has its head office in Dubai, UAE, is witnessing a rapid expansion of its international network of offices. The Oman office has branches in Muscat and Salalah, and is backed by a team of highly qualified executives. The company offers a comprehensive range of residential, commercial and related professional real estate services, encompassing leasing, property sales and services, property management, valuation and advice, research and consultancy, and relocation. Hamptons International has a good track record of being exclusive agents and consultants to a number of high end projects and also handles the re-sale of properties at prestigious mixed-used developments around the Sultanate. It is typically the first point of call for domestic and expatriate residents and businesses when it comes to property matters.
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Established more than a century ago, Hamptons International has evolved into one of the most respected and successful real estate consulting groups in the UK. As a result of a rapid expansion across the world, the company now enjoys a presence in 85 locations globally. The Group is renowned for its excellent track record in the marketing of exclusive and prime residential properties. Owned and operated as a subsidiary of Emaar Properties, one of the world's largest real estate companies, Hamptons continues to expand both locally and internationally, positioning itself as one of the most valuable residential property groups in the world.
In the Sultanate of Oman, Hamptons International commenced operations in early 2000 as part of an expanded presence in the Gulf region in partnership with prominent Omani businessman His Excellency Abdul Alim Mushtahil Al Rakhyoot.
© Press Release 2011
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