Muscat: Maisarah Islamic Banking Services and Keryas Paper Industry LLC recently signed a memorandum of understanding (MoU) to finance Paper Factory of Keryas Paper Industry LLC.
The MoU was mutually signed by Fawaz Rajab Al Ojaili – Head of Corporate Banking – Maisarah Islamic Banking Services, and Abdullah Umar Al Hosni – CEO Keryas Paper Industry LLC, at Sohar Industrial Estate, with the attendance of Eng. Abdullah Bin Salim Al Ka’abi – DG Sohar Industrial Estate, Shaikh Muhab Bin Ali Al Hinai – Head of Environmental Center of Excellence – Be’ah, and other distinguished guests from and stakeholders.
On signing the MoU, Fawaz Rajab Al Ojaili, Head of Corporate Banking – Maisarah, noted: "Maisarah is always keen to support and finance projects that have positive impact on the environment. Keryas project is in line with the vision of the Sultanate of Oman with regard to environmental protection. We are proud to take part in financing this project which adds value to the economy as well as to preserving the environment."
Keryas Paper Industry LLC will be the first Kraft Paper Manufacturing Mill in the Sultanate. The project will be located over a 60,000 square meter land in Sohar Industrial Area with a daily capacity of 600 Tones Per Day. Keryas Paper Industry will have an annual capacity of approximately 198K Tones Per Annum.
The factory will be completed by Q4 2020 and commercial run is expected on 1st Jan 2021. Leading local and international contractors and technology providers are selected for the purpose.
Maisarah is the Islamic window of BankDhofar. It offers more Sharia compliant products and financial solutions in Corporate Banking, Retail Banking, Investment Banking and Treasury. Maisarah maintains a complete segregation of business activities in order to provide Sharia compliant financial services to its valued customers. As a part of its strategy, the Islamic banking window has maintained high standards of corporate governance, research and development, corporate social responsibility and customer service that have helped in winning various awards in local and international markets.
© Press Release 2020