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Bank Nizwa posts good auto finance sales

August 24, 2014

Bank Nizwa has registered an increase in demand for auto finance recording double sales across the sultanate, a press release said. During Ramadan, customers visiting any of the bank's seven branches were eligible to apply to finance their car at a competitive profit rate of 4.99 per cent, while enjoying a specially designed bundle of value added­benefits.

Committed to empowering its cus­tomers to lead financially­secure lifestyles, Bank Nizwa based the auto finance product on the Islamic financing concept of Murabaha, in which salary transfer is not required. The promotion that runs till August 24, includes a two­ month grace from first instalment repayment, zero processing fees and free credit life insurance throughout the financing period.

"To ensure customer satisfaction, we view ourselves as trustworthy consultants rather than service providers only, and understand the importance of streamlining the process and offering maximum savings on rates and fees. The Ramadan and Eid al Fitr period is considered to be one of the busier times of the year for auto sales; individuals opt to avail of the many promotions offered by automobile dealers. We wanted to provide our customers with the means and capabil­ities to purchase their vehicle of choice through competitive financing plans," said Dr Jamil el Jaroudi, CEO of Bank Nizwa.

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Source: Week, The (Oman)

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