Muscat, December 16, 2013 : Sohar Islamic, Bank Sohar's dedicated Islamic Banking Window, provides customers with unique, authentic and reliable Islamic Banking Products in compliance with the Islamic Shari'ah principles. Sohar Islamic Auto Finance is anchored by principles of Murabaha in accordance to the guidelines set down by the Central Bank of Oman . The financing solution is designed to provide customers with flexible payment plans of up to 84 months with or without the requirement of a salary transfer, and offers tailored finance options to suit the needs of customers when purchasing a vehicle of their choice. Highlighting Sohar Islamic's Shari'ah compliant Auto Finance, Bank Sohar's CEO, Dr. Mohamed Abdulaziz Kalmoor said, "Being able to offer such an attractive Auto Finance solution together with our comprehensive list of Islamic finance products is a reflection of the bank's strong position in the market. Through consistent innovation and a customer centric approach we aim to be the market leader in offering Shari'ah compliant finance solutions and will continue to play a key role in the continued growth of Islamic Banking in Oman ." The Auto Finance program offers customers the luxury of choice by presenting them with a variety of options and the flexibility they desire in purchasing exactly the vehicle they want – be it a sports convertible or a SUV for the family. The program offers Shari'ah compliant auto financing solutions for new and used cars for up to 80% of their value; and does so without the need for salary transfers. Finance is available for a period of 84 months for new vehicles and 60 months for used cars and at very competitive rates. The program also prides itself on offering quick processing and higher financing limits. Mr. Mohammad Haris , AGM - Head Islamic Banking added, "In today's modern world, to own a car is every man's dream. With Sohar Islamic's Auto Finance solution, that dream can be fulfilled without struggling with finances. This finance program, like all our financial solutions, not only serves the basic purpose of providing financial support but is also designed to give maximum benefits to the customer. They are also designed to facilitate easy documentation and fast processing to ensure our customers the privilege of a hassle free experience without any unnecessary loss of time and money." Islamic Auto Finance is just one financial product from Sohar Islamic's comprehensive program of banking solutions that cover a wide array of retail and corporate financing needs. These products follow the highest Shari'ah compliant international banking standards. In addition to automobile finance, these solutions also include term deposits, housing finance, savings accounts and current accounts for the bank's retail customers; For its business clients, Sohar Islamic offers asset finance, working capital finance, trade finance, treasury and investment products To ensure that all products and services offered by Sohar Islamic adhere to the highest level of Shari'ah compliance, they were specifically designed to meet certain key criteria – a complete segregation of funds; stand alone and independent branches, separate sales staff, a strong Shari'ah supervisory board and Shari'ah audit and compliance unit; committed management; the world's best Islamic banking software; and compliance with the standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). , Bank Sohar currently has four Sohar Islamic Branches; located in Muscat (Al Ghubra), Falaj Al Qabail, Firq and Saada. For more details about Sohar Islamic and the services it offers, please call +968 2473 0000.
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