Choosing the right kind of home with the best fit of house financing product couldn't be any easier

Muscat, January 05, 2013

Bank Sohar understands that one of the greatest joys is to own or build your own home. The Bank's Islamic banking arm - Sohar Islamic offers clients a range of options to suit their specific needs, keeping in mind the Shariah compliancy and other Islamic regulations.

Sohar Islamic's home finance program is fully compatible with Islamic Shariah law and provides a comprehensive Islamic finance solution. This product is distinguished with its affordability and flexible terms which offer financing for up to 80% of the property value, with a repayment period of up to 25 years at very competitive profit rates and quick processing time.

Encouraging customers to explore and take advantage of this solution, Mr. Mohammad Haris, AGM - Head Islamic Banking said, "Sohar Islamic's Housing Finance programmes differ from a conventional 'interest' mortgage because they provide financial help without our clients having to pay us interest. We can do this by employing two accepted methods of Islamic finance - Murabaha and Ijara - both widely used in the Muslim world and approved by Shariah law."

The housing finance program comes within a unique and flexible framework catering to the varied financing needs of customers wishing to acquire real estate property at competitive leasing rates and with financing up to 80% of the price within a flexible financing period reaching up to 25 years. In addition, preferential profit rates are provided to customers for the 1st and 2nd year along with the facility to takeover. If required, instalment deferment options are also available for the convenience of the customer.

Among the benefits of this program is that the beneficiary is not required to pay any early payment charges if the dues are repaid after 1/3rd of the tenure. The customer can also avail of bundled solutions with a pre-approved auto finance limit. The program also offers quick processing and co financing and joint customer financing facilities.

 "The Islamic Housing Finance is only one of the financial products to be offered by Sohar Islamic from a comprehensive bevy of banking solutions covering a wide array of retail and corporate financing needs. These products are developed to the highest international Shari'ah compliant banking standards and include automobile finance, term deposits, housing finance, savings accounts and current accounts for the Sohar Islamic's retail customers." Mr. Mohammad Haris added.

Sohar Islamic will also provide corporate financial solutions consisting of asset finance, working capital finance, trade finance, treasury and investment products. Bank Sohar currently has four functional Sohar Islamic Branches located in Falaj Al Qabail, Firq, Saada as well as in the capital city of Muscat.  For more details on Sohar Islamic and the products & services it offers, please call 24730000.

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© Press Release 2014