As with all Sohar Islamic financial products, the construction finance product is also fully compliant with Islamic Sharia law and provides a comprehensive Islamic finance solution for anyone looking to build a new residential property or purchase under construction property. This is a perfect complement to its existing Islamic home finance programme launched last year, which offers Sharia-compliant financing for ready real estate property.
Commenting on the Sharia-compliant construction finance solution,
As with all other Sohar Islamic products, the application and approval process for construction finance is simple to apply and quick. In addition to offering competitive profit rates, the construction finance programme comes within a unique and flexible framework catering to the varied financing needs of customers with financing up to 80 per cent of the price within a flexible financing period reaching up to 25 years.
In addition, preferential profit rates are provided to customers for the first and second year along with the facility to takeover. If required, installment deferment options are also available for the convenience of the customer.
"It is matter of great privilege and pleasure for us at Sohar Islamic to add yet another product in its wide portfolio by launching Construction Finance product for retail banking customers. Having a house of his/her own choice, design and taste is the dream of every individual which can now be turned into reality through our Sohar Islamic Construction Finance product," said
In addition to construction finance and Islamic home finance, Sohar Islamic has a comprehensive range of banking solutions that cover a wide array of retail and corporate financing needs.
These products follow the highest Sharia-compliant international banking standards. The financial solutions include auto finance, term deposits, 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 Sharia-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 Sharia supervisory board and Sharia audit and compliance unit; committed management; the world's best Islamic banking software; and compliance with the standards of the
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