Reinforcing their shared commitment to supporting Oman's economic diversification and empowering the private sector, Alizz Islamic Bank has signed a Memorandum of Understanding (MoU) with Development Bank to launch a Financing Guarantee Programme aimed at facilitating access to financing for Omani enterprises operating in high-value, non-oil sectors.

The initiative comes in line with the objectives of Oman Vision 2040 and the Royal Decree No. 84/2023, which seeks to stimulate investment, promote sustainable economic growth, and strengthen the contribution of the private sector to the national economy.

Through this partnership, eligible Omani companies will benefit from financing guarantees covering between 50% and 80% of the total financing value, with a maximum guarantee amount of OMR 5 million. The programme is designed to support businesses seeking financing for business expansion or the establishment of new projects across priority economic sectors.

In addition, Development Bank will contribute towards reducing financing costs by supporting 3% of the overall profit rate, up to a maximum of 6%, providing businesses with greater financial flexibility and enabling them to invest, expand operations, and create sustainable employment opportunities.

Commenting on the partnership, Mr. Ali Al Mani, Chief Executive Officer of Alizz Islamic Bank, said: "This partnership reflects Alizz Islamic Bank's unwavering commitment to empowering Omani businesses through innovative Shari'a-compliant financing solutions that support sustainable growth and economic resilience. By joining forces with Development Bank, we are expanding access to financing for businesses with strong growth potential, enabling them to invest, create employment opportunities and contribute meaningfully to the objectives of Oman Vision 2040. This initiative also reinforces our broader commitment to supporting entrepreneurship, strengthening the private sector and delivering lasting value to our customers and the communities we serve."

Also commenting on the partnership Mr. Hussain Al Lawati, Chief Executive Officer of Development Bank, said: "The Financing Guarantee Programme represents a strategic step towards improving access to financing for Omani companies operating in productive sectors that drive economic diversification. Through our collaboration with Alizz Islamic Bank, we are creating an enabling financing ecosystem that reduces financing barriers, encourages private sector investment and supports businesses throughout their growth journey. We are confident this partnership will contribute to stimulating sustainable economic development and enhancing the competitiveness of Omani enterprises."

The Financing Guarantee Programme is expected to strengthen confidence amongst financial institutions and businesses alike by mitigating financing risks and encouraging investment in productive sectors that contribute to economic diversification. This strategic collaboration further reinforces Alizz Islamic Bank's role in supporting national development priorities by delivering innovative Islamic financing solutions that empower businesses, enhance financial inclusion and contribute to building a resilient and sustainable economy.