Muscat: NBO Muzn Islamic Banking has announced the signing of a Memorandum of Understanding (MOU) with Sarooj Development Company to provide Shari’ah-compliant home financing solutions for eligible customers purchasing properties developed under Sarooj Oasis Project, an integrated mixed-use development project located in Sultan Haitham City.

Held at NBO’s Head Office, the MOU was signed by Abdullah Zahran Al Hinai, Chief Executive Officer of NBO, Mohammed Yahya Al Jabri, Assistant General Manager of Global Transaction Banking at NBO and Sulaiman Khamis Al Qasmi, Deputy CEO of Sarooj Development Company.

Commenting on the partnership, Salima Obaid Issa Al-Marzoqi, Assistant General Manager and Chief Islamic Banking Officer at NBO, stated, “This MOU comes as a part of our broader commitment to empower individuals through providing ethical financial solutions and supporting the national development goals. At Muzn Islamic Banking, we are proud to be a trusted partner in Oman’s housing journey, ensuring citizens have access to home ownership opportunities that align with their values and aspirations.”

From his end, Sulaiman Khamis Al Qasmi, Deputy CEO of Sarooj Development Company, added, “At Sarooj Development Company, we are committed to shape integrated communities that offer real value to Omani individuals. This agreement with NBO Muzn Islamic Banking represents more than just financial facilitation; it reflects our responsibility to ensure that home ownership is accessible, sustainable and aligned with Oman’s long-term urban development goals. We are proud to help deliver a project that supports both personal aspirations and national priorities.”

This agreement allows eligible Omani nationals to access financing through Muzn Islamic Banking in accordance with Islamic principles, enabling them to purchase homes in one of the Sultanate’s most strategically planned urban developments.

The financing solution is structured to protect the interests of all stakeholders, including the bank, the developer and the customer, while maintaining full alignment with regulatory requirements.

Sarooj Oasis is being developed under a Public-Private Partnership (PPP) with the Ministry of Housing and Urban Planning and forms part of the Sultan Haitham City initiative. The project aims to reduce pressure on land demand by providing integrated living environments with quality infrastructure and services.

This collaboration reinforces Muzn Islamic Banking’s role in enabling ethical financial access while supporting Oman’s broader development goals.