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Bank Sohar signs MoU with Zain Property Development for Dar Al Zain

  • 23 March, 2015


Muscat March 23, 2015

Bank Sohar recently signed a memorandum of understanding (MoU) with Zain Property Development to provide preferential housing loans to Omani Citizens interested in investing in properties located in Phases five and six of the Dar Al Zain project; offering both conventional housing finance as well as Islamic housing finance through Sohar Islamic- Bank Sohar Islamic Window. This MoU, which marks the renewal of the Bank's five-year relationship with Zain Property Development, was signed at the official opening of the Dar Al Zain Compound and Sales Launch of Phases five and six.

The prestigious event took place at the Dar Al Zain development in Seeb, and was held under the auspices of H.H. Sayyid Taimur bin Asad bin Tariq Al Said and attended by a number of senior officials and media representatives. Representing Bank Sohar at the event were Mr. Rashad Ali Al Musafir, Acting CEO, Mr. R. Narasimhan, DGM and Head of Retail Banking, and Mr. Mohammad Haris, AGM and Head of Islamic Banking at Sohar Islamic. The MoU was signed by Mr. Rashad Ali Al Musafir on behalf of the Bank and by Mr. Mohammed Abdullah Moosa, the Chairman of Zain Property Development.

Commenting on the partnership, Mr. Rashad Al Musafir said, "We strive to maintain close ties with the community and deliver financial products that address key socio-economic aspects within the local population. With the signing of this MoU, we will continue our ongoing collaboration with Zain Property Development in ensuring that their customers receive preferential and flexible finance solutions from Bank Sohar Al Bait Al Mumayaz Home Solutions; this time augmenting our offerings with the inclusion of Shari'ah compliant home financing solutions from Sohar Islamic also. It is this transparent approach that continually helped us achieve our goal of offering Omani families the home they have always aspired to own at affordable prices."

Thanking Bank Sohar for their continual support, Mr. Misha'al Mohammed Abdullah, Managing Director of Zain Property Development said, "We are thankful to Bank Sohar's ongoing support and commitment towards our affordable housing projects, and we are pleased to once again renew our partnership with them. They have, over these past five years, ensured that our properties are made more accessible to a larger number of buyers; easing their financing burden and offering them flexible financing packages to suit their preferences. I am confident they will continue to do so with our residential units in the new phases."

Bank Sohar first signed an MOU with Zain Property Development back in 2010 for the purpose of providing customers with housing finance for the Dar Al Zain Property and has since continued its coordination and support for the project with each of the subsequent phases. This MoU marks the renewal of that relationship with the Bank once again supporting the sales of residential Villas in Phase Five and Six.

. On the occasion of the signing ceremony, Mr. R. Narasimhan, said, "We strongly believe that home loans are products with a sentimental value to people and a big step for their future. As a result, it needs to be handled with care and offer customers a trouble-free experience. Through our housing finance options, we are offering customers with the financing they require to own their dream home, either within the Dar Al Zain Complex or anywhere else within the country."

Through Bank Sohar's Al Bait Al Mumayaz Home Solutions customers can avail finance up to 80% of the property value at special interest rates through a fast and simple application process, prorated instalments payable up to a maximum period of 25 years, in addition to other benefits. Customers may avail housing loan facility from any Bank Sohar branch during the construction period and will be provided with insurance coverage for life and the property. Life insurance cover will be available to the purchaser for the value of the housing unit.

During the construction period, customers may service only the interest component till they receive possession of their housing units. These customers will also be eligible for Bank Sohar's Visa Credit cards with zero charges for the first year. These Visa Credit cards are chip based and EMV complaint adding another layer of security against fraud. In addition to this, customers will also have access to a range of high end deposit and loan products. The Bank's Al Mumayaz Prize Draw Savings Scheme is one of the most popular schemes in the market with unique rewards given on a hourly, weekly, monthly and half yearly basis.

 For those looking for Shari'ah compliant finance, Sohar Islamic- Bank Sohar Islamic Window are offering customers the option of Sohar Islamic Construction and Housing Finance on up to 80% of the property value for a tenure of up to 25 years with quick processing and approvals. Customers also benefit from a facility to take over if required along with a co-financing and joint customer facility. There will also be no pre-payment charges if repaid after a third of the tenure is complete. As a value added benefit, Sohar Islamic Construction and Housing Finance customers can also avail of a bundled pre-approved auto finance limit with free processing fees.

Dar Al Zain began development in 2008 with the objective of providing highest quality houses that offer the best value for money. Following the successful sale of phase 1 in record time, Zain Property Development successively launched the following phases with similar results. This event marked the opening of phases five and six for sale. When completed, phase five will include 21 spacious premium villas with innovative designs. The new villas will be built around an artificial lagoon located in the middle of the project, the Lagoon is considered the biggest pool in Oman and will be exclusively accessed by the 21 villa residence, and it will consist of a private island that has a big play ground, gym and cafe too.  The new Phase six is set to include a further 108 villas with three and four bedrooms to cater to varying needs of different clients starting from R.O 69,900. In total the expansion will add 129 residential units to the previous four phases, resulting in a total number of 304 affordable residential units at a prime location in Seeb; making it one of the largest residential projects of its kind in Oman. Zain Property Development have launched a new way to sell via the website www.noor-oman.com, sales will be online using credit cards.

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 For more information on Bank Sohar Products & Services, please visit the official website at www.banksohar.net. You can also find additional information by following the Bank on Facebook at www.facebook.com/excel.banksohar, on Instagram at www.instagram.com/banksoharexcel or join the conversation on Twitter @banksohar_excel.  In addition for more information regarding Bank Sohar's Islamic Banking Window - Sohar Islamic, please visit any of our branches located in Muscat (Al Ghubra), Sohar (Falaj Al Qabail), Nizwa (Firq) and Salalah (Saada) or call us on 24730000 or visit www.soharislamic.net .

© Press Release 2015