MUSCAT: A major regional investment firm aims to accelerate the development of affordable, Shariah-compliant housing in Oman and the wider GCC, following a new strategic partnership between international finance institutions.

BCIB Holding Co, Ltd, a Thailand-based financial service and investment banking firm, has acquired a 20 per cent stake in Amwalus Finance LLC, a US-incorporated financial institution with strategic operations in Oman, aligning both companies to jointly scale ethical housing finance solutions across the region. The investment is supported by a $5 billion Medium Term Note (MTN) issued by Bastion Commonwealth Investment Bank, the banking arm of BCIB Holding.

According to BCIB Holding Co, the proceeds from the MTN will be used to finance housing projects that adhere to Islamic finance principles, addressing the growing demand for inclusive and affordable residential solutions in Oman and neighbouring Gulf countries.

The agreement was formalised in a signing ceremony between Low Chun Keong, Managing Director of BCIB Holding, and Wassem Mesto, Managing Director of Amwalus Finance LLC, a wholly owned subsidiary of US-based Amwalus Trust. The ceremony was also attended by Dr Chutamas Vongvorakit, Co-founder and Chief Financial Officer of BCIB Holding.

“This strategic investment, backed by institutional financing through Bastion Commonwealth Investment Bank, underscores our commitment to fostering inclusive and sustainable development in Oman and across the region,” said Low.

Amwalus Finance focuses on Shariah-compliant financing for affordable housing. With the new capital injection and support from its strategic partner, the company plans to expand its housing solutions across the GCC, targeting underserved communities.

Wassem Mesto welcomed the partnership as a milestone for the company’s mission. “We are proud to welcome BCIB Holding as a key strategic partner in our mission to provide dignified, affordable housing guided by Islamic finance principles,” he said. “With this collaboration, and the support of Bastion Commonwealth Investment Bank, we are well-positioned to scale our impact across the GCC and meet the growing demand for ethical, inclusive housing solutions.”

The alliance reflects BCIB Holding’s broader goal to promote long-term socioeconomic development through innovative Islamic financial instruments, with a particular focus on infrastructure and housing. Oman, which is advancing national priorities under Vision 2040, is expected to be a central focus of these investments.

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