Sohar Islamic, one of Oman’s leading Islamic banking windows from Bank Sohar, announced a wide variety of products to accommodate the needs of SMEs. It can now finance nearly 90% of SME projects for up to seven years at competitive prices. The new offerings, part of Sohar Islamic’s Murabaha, are fully compliant with the Islamic Sharia laws and regulations.
Mr. Salim Khamis Al Maskry, DGM, and Head of Sohar Islamic commented that the bank is adherent to the directives of His Majesty Sultan Qaboos bin Said and the recommendations of the Central Bank of Oman to support the diversification of the local economy. Therefore, the bank started investing in motivated young Omanis to help them grow and contribute to the economy.
Sohar Islamic has been working hard to develop a rich portfolio of services, specifically designed to meet the needs of the market and to boost the economic growth. Young entrepreneurs from all sectors can benefit from the new banking services.
To add more value to its customers, Sohar Islamic has also included ancillary services into its SME product portfolio. Customers who need to purchase construction equipment, machinery, or commercial vehicles can now take advantage of a speedy approval process of their financial requests.