(MENAFN- Muscat Daily) Muscat- Alizz islamic bank has announced Ijarah home finance solutions for its customers as part of its efforts to support all segments of the society in realising their dream of owning a home.
Under 'Ijarah muntahia bittamleek', which literally translates to 'Lease ending with ownership transfer', alizz islamic bank buys the property from the seller and leases it out to the customer with a promise to sell it at the end of the lease term.
The option, which gives customers a host of benefits and facilities, is open to Omani nationals and resident expatriates, whether salaried or self-employed, and requires simple documentation with a fast and easy approval process.
The settlement term can be up to 25 years with maximum financing of 80 per cent of the property value or RO450,000 and is available for existing properties. The minimum salary required is RO300 only for government employees and RO350 for private sector employees.
Another Sharia'a-compliant option is 'Forward Ijarah' home finance in which alizz islamic bank in its capacity as 'lessor', constructs the property at the customer's request and leases it out to the customer after the completion of construction for a certain period of time and against a rental amount.
This option too is open to Omani nationals and resident expatriates, whether salaried or self-employed, and requires simple documentation with fast and easy approval.
Financing is available for up to 25 years and 80 per cent of the property value. It is also available for properties under construction.
Mohammed al Ghasani, head of Sales and Distribution, alizz islamic bank, said, 'Ijarah and Forward Ijarah home finance options offer customers Sharia'a-based solutions to realise their dream of owning a home. Both options come with a host of benefits and features to Omani nationals and resident expatriates at competitive rates with easy documentation and a fast approval.'
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