Contributing towards the development of the
Omani real estate sector, Sohar Islamic signed a Memorandum of Understanding
(MoU) with the Ministry of Housing & Urban Planning with the purpose of
enabling Omanis to own a home. The scope of the memorandum includes financing
the beneficiaries of the Naseem neighborhood, the first community neighborhood
of the Souroh Initiative launched by the ministry, and similar projects.
Signing the agreement on behalf of Ministry
of Housing and Urban Planning was H.E. Eng. Hamad Ali Sulaiman Al Nazwani,
Undersecretary of the Ministry of Housing and Urban Planning for Housing with
Sohar Islamic represented by Mr. Fahad Al Zadjali, Head of Retail Banking and
Branches at Sohar Islamic. The signing ceremony took place at the Ministry of
Housing and Urban Planning and witnessed the presence of senior officials from
the bank as well as the Ministry. As per the terms of the MoU, Sohar Islamic
customers can now obtain quick, easy, and convenient property financing
solutions from the bank to purchase properties that are either under
construction or fully completed, and that fall under the Ministry’s Sorouh
initiative.
Commenting on the signing of the MoU, Mr.
Abdul Wahid Al Murshidi, Chief Islamic Banking Officer at Sohar International said,
“As a progressive, agile, and dynamic bank, Sohar Islamic is in line with the
government’s efforts to enhance the pace of real estate development and achieve
the objectives of the comprehensive urban strategy in the Sultanate of Oman.
Our partnership with the Ministry of Housing and Urban Planning will not only
give an impetus to the real estate sector but will also contribute to meeting
the growing demand for Sharia-compliant financing solutions in the sector.”
Launched in 2019, the Sorouh initiative is
a key national endeavour that was conceptualised to support the existing
housing policies, provide eligible citizens with comfortable and affordable
housing alternatives, and reduce the demand for land by citizens. The
initiatives includes provision of integrated residential complex with modern
specifications to provide stability for citizens. . With the MoU in place,
Sohar Islamic will provide the needed support to citizens to conveniently
acquire a property of their choice in one of the many housing projects under
the Sorouh initiative.
Mr. Abdul Wahid Al Murshidi added saying,
“With an expansive suite of innovative financing instruments that adhere to the
norms of Islamic finance, the bank seeks to provide customised, end-to-end
services that add value to the lives of its customers. Sohar Islamic will
continue to remain vigilant of the changes in the economic landscape, leverage
budding opportunities, and focus on initiatives that have a sustainable impact
on society.”
The Sorouh integrated residential
neighbourhood projects have been planned in the governorates of Musandam,
Dhofar, South Al Sharqiyah, North Al Sharqiyah, South Al Batinah, and North Al
Batinah. It features modern living amenities, green spaces, large public parks,
sports grounds, mosques, healthcare facilities, and commercial
centers.Committed to the socio-economic progress of the nation. Sohar Islamic has been at the forefront of
spearheading innovative propositions to cater to the evolving needs of the
market while continuously advocating the benefits of Sharia-compliant
financing. Through meaningful partnerships that drive value, result-oriented
initiatives, and a customer-centric approach, Sohar Islamic has established
itself as a trusted Islamic finance partner in the Sultanate.