As part of its efforts to make ownership of land a reality for all, Alizz Islamic Bank has introduced a land financing ‘Murabaha’ product that features several facilities and simple application process.
Under the scheme, a customer wishing to purchase a piece of land just needs to submit the required application with a commitment to purchase the land. The bank then buys the land and sells it to the customer in line with the principle of ‘Murabaha’ where the price includes the original cost price as well as the bank’s profit.
The land is registered in the name of the customer who pays the purchase price in scheduled installments. Customers are required to provide a security to the bank guaranteeing their commitment to pay the installments regularly as per the ‘Murabaha’ agreement.
The ‘Murabaha’ financing, which is available to both Omani citizens and expatriate residents in Oman to purchase residential properties, comes with minimal documentation and a fast approval process. Besides, the scheme offers up to 80 per cent financing with payment period extending up to 10 years.
The minimum salary requirements for customers wishing to benefit from the scheme are only OMR300 for government employees and OMR350 for private sector employees.
Commenting on the ‘Murabaha’ scheme, Moosa Al Jadidi, executive manager for Operations at Alizz Islamic Bank, said: “Alizz is committed to provide value added products that enable our customers to meet their various necessities. We have developed the ‘Murabaha’ product to fulfill the dreams of everyone to own a piece of land, and we have made it easily accessible by making the application procedures simple.”
Al Jadidi added: “For us at Alizz Islamic Bank, our customers are our priority and our primary goal is to provide them the best services. We have adopted the latest technological innovations to make banking transactions easy for our customers and offer them a rich experience in Islamic banking.”
Alizz Islamic Bank has introduceda range of products and services that matches the requirements of our customers and their satisfaction levels. These include as many as 26 products based on Sharia principles designed for both individuals and corporates.
Alizz has made it possible for customers to benefit from its value-added services by visiting the nearest branch of the bank or contacting the customer service team.