Al Mouj Muscat signed a cooperation agreement with Bank Nizwa to bring Shari’a-compliant home financing services to the destination for the first time.
Under the agreement, prospective homeowners will have access to a full range of the Bank’s financing solutions and competitive financing rates when purchasing property at Al Mouj Muscat.
Nasser Al Sheibani, CFO and Acting CEO at Al Mouj Muscat, said, “We are delighted to partner with Bank Nizwa and bring Shari’a-compliant home financing options to local and international investors in Al Mouj Muscat. Underpinned by strong ethical principles, Islamic banking products are growing in popularity and I am sure there will be strong demand for the bespoke solutions Bank Nizwa has created to facilitate the purchase of residences on our waterfront community.”
Dr. Jamil El Jaroudi, CEO of Bank Nizwa said, “We are continuously looking to enhance our role as the leader of Islamic Finance in Oman. Therefore, we are providing individuals looking to experience world class living in Al Mouj Muscat with a seamless and effective portfolio of home financing solutions catering to their various requirements and choices of real estate properties in one of the Sultanate’s finest destinations.”
The highly sought-after Al Mouj Muscat apartments, townhouses and villas are already home to more than 4,000 people of 69 different nationalities. A world-class leisure and lifestyle destination, it is home to the award-winning 400-berth Almouj Marina, the Greg Norman PGA championship standard Almouj Golf, and Oman’s vibrant commercial, social and entertainment hub, The Walk.
In 2016, Al Mouj Muscat will open the first of four-planned luxury hotels. Further residential precincts, lifestyle assets and tourism experiences are under development and under construction.
Bank Nizwa’s home financing products and services have gained a reputation for providing customers with competitive rates, transparent pricing, quick processing and approval. Designed to best suit the needs of prospective homeowners, the Bank’s property solutions are based on the Islamic finance concepts of Ijara, Murabaha, and Forward Ijara.