(MENAFN - Muscat Daily) Muscat- Al Yusr, the Islamic Banking Window of Oman Arab Bank (OAB), has announced the launch of a new auto financing offer that provides Al Yusr Islamic Banking customers with an opportunity to obtain financing at competitive Murabaha rates, starting from just five per cent on reducing bases (equivalent to 2.8 per cent flat rate) and with a maximum repayment period of up to ten years. The special offer runs until the end of March.
Commenting on the new vehicle finance offer, Dr Khalifah bin Ahmed al Ghammari, general manager of the Al Yusr Islamic Banking Window of Oman Arab Bank, said, 'At Al Yusr, we are always looking to deliver the very best products and services available in the Islamic Banking sector. Special offers such as these are part of that goal, giving our Al Yusr customers an opportunity to obtain Sharia'a-compliant vehicle finance at very competitive Murabaha rates throughout the offer period, which runs until the end of March.'
Jamil Abdul Qader al Zadjali, head of Retail Banking and Business Support, added, 'Al Yusr once again delivers not only an unmatched customer experience with our new auto finance offer, but also highly competitive Murabaha rates on new and approved used vehicles.
'Al Yusr vehicle finance offers special Murabaha rates of between 5-5.5 per cent for government and semi government employees, with a maximum repayment period of ten years for new vehicles and seven years for used ones.
'For the employees of approved companies, the annual rate for auto finance ranges between 5.25 and 5.5 per cent. The Murabaha rate and payment period varies for the rest of the customers depending on the classification of their place of work.'
'With rates that are amongst the best in the market, we believe that offers such as these help meet the needs of customers, helping them purchase the car of their dreams quickly and easily,' said Dr Ghammari.
Al Yusr is the Islamic window of OAB. Established in 2013, the Islamic banking window provides services via seven branches; two in the Muscat governorate (Azaiba and Wattayah), and others in Salalah, Nizwa, Falaj al Qabail, Ibra and Buraimi.
Al Yusr customers also have access to 148 OAB ATM's located across Oman. Al Yusr Islamic Banking provides its retail and corporate customers as well as investors a wide range of Sharia'a-compliant products and services.