PHOTO
Muscat: Committed to providing more value to customers, Sohar Islamic - Sohar International’s Islamic window, has launched its new Saving Plan Account as a significant step in highlighting the importance of inculcating a savings mindset for a healthy future. A recurring deposit in nature, the Sohar Islamic | Saving Plan Account gives customers the opportunity to meet their future financing needs by taking steps to start saving regularly. By promoting a culture of saving amongst the people, Sohar Islamic aims to help them accomplish their individual goals and also secure their family’s future. As an inaugural offer, Sohar Islamic is offering a RO 25 deposit for the first 100 account openers keeping a balance of RO 100 for 3 years.
“At Sohar Islamic, we want to grow with the community. It brings us great joy to be a part of our customers’ journeys as they fulfill all their aspirations. By creating innovative product plans that will encourage our customers to take the initiative to start saving today, we want to imbibe amongst the community healthy savings habits that will go a long way in achieving financial security in the future. Often, people hesitate to take that first step as they think they don’t have enough to start saving. With our Saving Plan we make it possible for customers to take that first step by committing with smaller funds,” said Mr. Abdul Wahid, Chief Islamic Banking Officer, Sohar Islamic. “We have always led by example, showing how customers can make the most of Islamic banking solutions to grow their finances following Shariah-compliant banking practices.”
Following industry best practices and Shariah-compliant financing, the new Saving Plan will provide Sohar Islamic customers with a safe and secure savings platform that grows with time. According to their needs, customers can opt for a maximum tenure of 10 years while the minimum tenure is set for 6 months. Making saving for the future as easy, convenient and burden-free as possible, the minimum contribution required to start saving is only RO 50 per month. The account also enables customers to open multiple plans for different purposes, therefore, giving each account a more focused approach. Bringing in more flexibility to the plan, it allows customers to partially withdraw amounts of up to 10% of the total plan size in the full year.
Sohar Islamic | Saving Plan is based on the Shariah principles of Wakala where the bank invests the customers’ funds along with its own capital into Shariah-compliant ventures, thereby ensuring that all resultant returns, which are then shared with the customers. The profits earned are calculated monthly and reinvested back into the plan to accelerate fund growth and meet the set targets even faster.
A premium, customer-centric bank that takes special initiatives to understand the varying needs of their customers, Sohar Islamic’s Saving Plan helps different people achieve their varying goals. While some focus on their children’s higher education, securing a comfortable retirement or starting a new business, others start budgeting and saving for reasons like Haj, marriage or being able to make down payments to acquire assets. Addressing the varying short-term targets as well as long-term goals of its customers, Sohar Islamic’s Saving Plan will encourage a savings culture. Through various such innovative products and services, the bank has proven its commitment to deliver superior banking services that are Shariah-compliant and have positively contributed to the country’s economy.
- Ends–
About Sohar International
With the vision to become a world-class Omani services company that helps customers, community and people to prosper and grow, Sohar International operates with a view to help people 'win' by delivering responsive banking for their ever-changing world, complementing their growth and prosperity with international standard service delivery. The Bank seeks to redefine banking in Oman through transformational developments centered on the principles of More Velocity, making everything simple and fast; More Value, ensuring relevance and connectivity to customers’ world; and More Vision, liberating stakeholders through talented leadership.
For media queries
Hameeda Al Balushi
United Media Services
hameeda@umsoman.com
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
