(MENAFN - Muscat Daily) Muscat -
Bank Nizwa has signed a RO19.5mn agreement for Sharia'a-compliant financing facilities with Raysut Cement Company.
The facilities consist of long-term financing of RO12mn, working capital of RO3mn to Raysut Cement in Salalah and RO4.5mn for construction and expansion of Sohar Cement Factory LLC in Sohar, according to a press statement issued by Bank Nizwa.
The agreement was signed by Sheikh Khalid Abdullah al Khalili, chairman of Bank Nizwa, and Sheikh Abdul Hafidh al Barami, vice chairman of Raysut Cement. The signing ceremony was also attended by Bank Nizwa CEO Khalid al Kayed, general manager of wholesale banking, R Narasimhan and senior team members from both parties.
Bank Nizwa said the agreement is part of its commitment to contribute to Oman's economic diversification strategy and feed into private and public sectors' growth with focus on the manufacturing industry.
'Raysut Cement is utilising our Islamic financing solutions in a clear indication on how Islamic banking can spur more private sector growth in manufacturing and across a multitude of other industries, contributing to Oman's economic diversification. Our aim is to always be the trusted partner of choice for businesses looking for a competitive alternative to conventional financing solutions,' said Khalili.
Barami said, 'Bank Nizwa and Raysut Cement are two powerhouses in their respective sectors. We are confident this collaboration will positively impact our businesses. The secured Sharia'a-compliant banking facilities will set us for stronger and rapid growth and help us solidify our position as the largest cement manufacturer in the sultanate.'