Sohar Islamic, the Islamic banking arm of Oman-based Bank Sohar, has launched a home finance programme that is compliant with Sharia law and other regulations.
Under the home finance programme, Sohar Islamic seeks to offer clients a range of loan options according to their specific needs.
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Sohar Islamic is offering loans for up to 80% of the property value, with a repayment period of up to 25 years. The loans will be offered at affordable profit rates and processed quickly.
Sohar Islamic Head Islamic Banking assistant general manager, Mohammad Haris, said their housing finance programmes differ from a conventional ‘interest’ mortgage because they provide financial help without their clients having to pay them the interest.
"We can do this by employing two accepted methods of Islamic finance — Murabaha and Ijara — both widely used in the Muslim world and approved by Sharia law," Haris added.
Additionally, the programme provides instalment deferment options and joint customer financing facilities.
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By GlobalDataHaris said the Islamic Housing Finance is only one of the financial products to be offered by Sohar Islamic from a comprehensive bevy of banking solutions covering a wide array of retail and corporate financing needs.
"These products are developed to the highest international Sharia-compliant banking standards and include automobile finance, term deposits, housing finance, savings accounts and current accounts for the Sohar Islamic’s retail customers," Haris added.
