Muscat: Alizz Islamic Bank has strengthened its strategic partnerships with real estate development companies in the Sultanate by signing a new agreement with Shaden Development to provide easy and flexible financing facilities to clients who wish to purchase an apartment in the Shaden Al Hail residential complex, which is one of the most prestigious residential complexes in Muscat.
This agreement is part of a variety of housing finance options offered by Alizz Islamic Bank, represented by the Retail Banking department, all of which comply with the provisions and principles of Islamic Sharia law.
The signing ceremony for the agreement was held at Alizz Islamic Bank’s head office in CBD, Ruwi, coinciding with the Sultanate’s celebrations of the glorious National Day.
The memorandum was signed by Mohammed Al Ghassani, AGA – Chief Consumer Banking Officer on behalf of Alizz Islamic Bank, and engineer Abdul Rahman Ba ââOmar, member of the board of directors of Shaden Development Company on behalf of Shaden Development Company. The signing ceremony took place in the presence of Alizz Islamic Bank CEO Suleiman Al-Harthy and a number of senior management.
Under this agreement, Alizz Islamic Bank will provide financing facilities to clients who wish to purchase an apartment in the Shaden Al Hail project for eligible clients with exemption from profits and transaction fees for a period of up to 48 months or 4 years.
Shaden Development Company will bear the transaction costs and profits on behalf of the clients during this period, as well as the costs of Takaful insurance, with the possibility of extension according to the agreement which is also made between the client and the developer. The validity of this offer is from November 18 to December 31.
Alizz Islamic Bank will provide housing finance according to the Diminishing Musharakah concept with a finance rate of up to 80 percent of the value of the housing unit for eligible customers in accordance with the bank’s policy, as well as the ratio the debt charge (DBR) and the approval of the appraisal report of each unit financed by experts approved by the bank in accordance with the procedures in force; and at a rate of 90 percent of the value of the home for clients who take out first-time real estate financing in accordance with applicable internal banking policies and procedures.
In addition, Alizz Islamic Bank offers financing facilities at a reduced rate of profit with very fast completion of banking transactions, as all the services and products offered by Alizz Islamic Bank have been approved by the Fatwa Supervisory Board. and Sharia in accordance with the principles of Islamic Sharia law.
Under the principle of “Diminishing Musharakah”, Islamic bank Alizz will enter into an agreement with the client on the decrease in Musharaka, under which each party contributes to the assets of Musharaka a certain percentage of co-ownership of the property. The parts of the bank and the customer that are common in the assets of the partnership are divided into equal parts when the construction stages are completed, and the bank begins to transfer the ownership of its share in the real estate by gradually selling its shares to the customer. , and the client occasionally purchases the bank’s shares in the property, paying the sale price in installments.
Accordingly, at the end of the participation, the bank’s ownership in the property must be transferred exclusively to the client, and therefore the client is considered to be the sole owner of the property.
As for customers who wish to take advantage of this exceptional offer and do not have an account with Alizz Islamic Bank, they simply need to contact the customer service center or go to the nearest branch of Alizz Islamic Bank, because the financing of housing requires the transfer of the salary to the bank and benefiting from a varied range of financing services provided by Alizz Islamic Bank, whether in terms of housing or personal finance, all in accordance with the provisions and principles of Islamic Sharia law.
It should be mentioned that Alizz Islamic Bank has signed a variety of agreements with various real estate developers over the last period to provide a wide range of housing finance options to clients. Alizz Islamic Bank intends to stay close to its customers and listen to them, then take their wishes and opinions and translate them into reality to make all the dreams they deserve come true.