Sohar Islamic, Madayn sign retail, wholesale banking solutions pact

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MUSCAT: Contributing and promoting the national agenda of diversification as well as generating in country value (ICV), Sohar Islamic - Sohar International’s Islamic Banking Window has signed a strategic Memorandum of Understanding (MoU) with Madayn - the Public Establishment for Industrial Estates, to open new service centres at Madayn branches and offer a suite of retail and wholesale banking solutions.

The Memorandum was signed recently at Madayn’s Head Office in Knowledge Oasis Muscat, by Abdulwahid al Murshidi, Chief Islamic Banking Officer of Sohar International and Hilal bin Hamad al Hasani, Chief Executive Officer of Madayn, in the presence of executives from both the organisations.

Speaking on the sidelines of the signing ceremony, Abdulwahid al Murshidi, Chief Islamic Banking Officer of Sohar International said, “This agreement underlines our vision to be a world-leading Omani services company that helps customers, community and people to prosper and grow. It further establishes our expertise in diligently meeting the requirements of major government and non-government organisations. Therefore, we are on a path to develop a collaborative ecosystem of world-class products, services and financial advisory that are aimed at providing an enriched partners and customer experience. Such inclusive partnerships with major entities from the government sector will not only bolster our presence in the industry, but also mark our contribution to fuelling marquee national projects. As part of the memorandum, we will support Madayn by evaluating projects and providing guidelines to highlight bankability features.”

As per the agreement, the Bank will provide services that fulfil Madayn’s financial requirements through Wholesale Banking Solutions, including financial advisory services that evaluate projects from bankability point of view.

This service will be over and above its portfolio of deposits and accounts targeting employees who are seeking Shariah-compliant products and services. Under its retail banking solutions, Sohar Islamic will also provide Madayn employees a set of finance facilities, with fully Shariah-compliant products – including auto, home and personal finance - that will make it easy and convenient for them to finance their needs.

The offerings also consist of exclusive products and services that cater to the requirements of the various segments to fulfil their specific needs.

“Having established world class business cities that resonate with Oman’s values, identity, and ethics, Madayn continues to play a significant role in attracting foreign investments to the country and stimulating the private sector to achieve sustainable economic and social development. The new partnership with Sohar Islamic will fuel its larger objective of providing integrated services that meet the requirements of local businesses.”, said Hilal bin Hamad al Hasani.