Alizz Islamic Bank SAOG signed a financing agreement based on forward ijarah with “Al Osool Properties” for the development of its premium ITC project “The Pearl Muscat” projected in Muscat Hills commercial area.
The transaction was led by the bank’s experienced Project Finance team offering a comprehensive suite of sharia-compliant corporate solutions that meet the requirements of the business.
The signing ceremony held at the Grand Hyatt Muscat on December 28 was attended by Salaam al Shaksy, CEO of Alizz Islamic Bank and Hassan Mohamed Juma al Lawati, Managing Director of Al Osool Properties. The signing ceremony was also attended by Ehab Hashish, DGM-Head of Wholesale Banking of Alizz Islamic Bank, alongside the proprietors of the ‘The Pearl Muscat’; Hilal Abdullah al Hoqani and Ahmed Ali Khamis al Mahrouqi.
The financing agreement marks an important milestone in the development of Oman’s real estate sector and reiterates Alizz Islamic Bank commitment to strengthen institutional participation sustainable to real estate projects.
Commenting on the agreement, Salaam al Shaksy, Chief Executive Officer of Alizz Islamic Bank said “We are pleased to partner with Al Osool Properties for developing its premium project ‘The Pearl Muscat’. This is in line with our strategy to support the local tourism and development projects. The bank continues to demonstrate its commitment towards financing projects which contribute to the local economy.” Al Shaksy also added that the entry of Islamic institutions has brought a range of sharia compliant products and services to meet the diverse financing needs of corporate and institutional clients in Oman.
Hassan Mohamed Juma al Lawati, Managing Director of Al Osool Properties cited that “the development agreement between Al Osool Properties and Alizz Islamic Bank will provide a solid guarantee to our customers that their properties will be delivered within the stipulated deadline irrespective of the market dynamics”.
“The Pearl Muscat” is an ITC project developed by Al Osool Properties, a pioneer real estate development and investment Company in Sultanate of Oman and is being developed on a land admeasuring 6,911 Sq m and will comprise a Basement, Ground plus six floors and penthouse.
