NBO Muzn Islamic Banking Orouh Initiative With Three Strategic Mous

2025-04-24 03:15:11

(MENAFN- Mid-East Info) 24^rd April 2025, Muscat –

NBO Muzn Islamic Banking has announced signing Memorandums of Understanding (MOUs) with three leading real estate developers to facilitate Shari'a-compliant housing finance solutions for Omanis under Oman's national housing scheme.

The agreements were signed by Abdullah Zahran Al Hinai, Chief Executive Officer of NBO, Faisal Al Wahaibi, General Manager & Chief Retail and Digital Banking Officer at NBO, Mundhir Abdullah Al Hammadi, Chief Executive Officer of Al Daham Real Estate, Ahmed Hamed Al Sabhi, Chairman of Al Masa Real Estate, and Dr. Thomas Alexander- Chief Executive Officer of Adrak Developers, at NBO Head Office in Azaiba. The signings reflect Muzn Islamic Banking's commitment to enable affordable home ownership through strategic partnerships and Shari'a compliant financial solutions.

The MOUs were signed with Al Masa Real Estate for the development of the Hayy Al Azm Project, with Al Daham Real Estate for the Hay Al Sumu Project, and with Adrak Developers LLC for two projects the Yenaier and Hai Al Naseem.

These projects are part of integrated mixed-use developments under the Ministry of Housing and Urban Planning's Sorouh initiative. The initiative aims to support national housing policies by reducing land demand and offering eligible citizens high-quality, affordable residential alternatives.

Salima Al Marzooqi, Assistant General Manager & Chief Islamic Banking Officer at NBO Muzn Islamic Banking commented,“Our support for the Sorouh initiative reflects Muzn Islamic Banking's continued commitment to advancing national development goals. These partnerships aim to empowering citizens with housing solutions while adhering to our core values of trust, transparency and Shari'a compliance.”

Through these partnerships, Muzn Islamic Banking will provide eligible Omani citizens with streamlined access to housing finance that is fully compliant with Shari'a principles. The agreements ensure the rights of all stakeholders, including the bank, developer and customer, are protected and offer a transparent structure to support end-to-end financing.

MENAFN24042025005446012082ID1109466650

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.