News Column

Sohar Islamic launches construction financing

August 17, 2014

Bank Sohar's Islamic banking window Sohar Islamic has introduced dedicated construction financing for anyone looking to build a new residential property or purchase property under construction, for up to 80 per cent of the price within a flexible financing period reaching up to 25 years.

Mohammad Haris, AGM and head of Sohar Islamic said, "The housing finance product launched by Sohar Islamic last year was a huge success with our customers. Backed by its success, Sohar Islamic has now developed the dedicated Sohar Islamic construction finance product which is structured on the Islamic mode of Istisnaa and forward Ijara. It offers flexibility through which one can build a new house or can purchase the under construction residential property and get it completed according to Islamic principles. The introduction of this product is in line with Sohar Islamic continuous endeavors to introduce products which meet the needs of people of the Sultanate.

"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."

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: CPI Financial

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters