Bank Nizwa Signs Agreement with Oman Housing Bank to provide Sharia-compliant Home Financing Solutions

Muscat: Committed to delivering comprehensive financing solutions that align with the aspirations of its esteemed customers, Bank Nizwa, the leading and most trusted Islamic bank in the Sultanate of Oman, proudly announces its participation in Oman Housing Bank’s (OHB) Iskan programme. The strategic initiative aims to expedite the approval process for citizens’ pending housing finance applications with OHB and the Ministry of Housing and Urban Planning.

Bank Nizwa is among four distinguished banks enlisted as finance partners to provide applicants with government-subsidized housing financing at competitive profit rates. Additionally, the project is strengthened by the cutting-edge Iskan electronic platform, which allows applicants to conveniently submit documentation digitally, providing a time-saving avenue to initiate their home financing journey. The platform, operational 24/7 and accessible on the go, allows applicants to effortlessly select their preferred financier, including Bank Nizwa.

Commenting on the bank’s participation in Iskan, Mr. Khaled Al Kayed, Chief Executive Officer at Bank Nizwa, said, “In alignment with the urban planning and community upliftment goals outlined in Oman Vision 2040, we remain resolute in providing fully Sharia-compliant services that empower citizens to confidently embark on their homeownership journeys. Our competitive profit rates and flexible repayment tenures further distinguish our home finance offerings. We applaud Oman Housing Bank and the Ministry of Housing and Urban Planning for designing this strategic campaign that will not only help fulfill individuals’ homeownership aspirations, but also gives them the choice to opt for finance from institutions that resonate with their lifestyles and beliefs.”

As part of the Iskan programme, eligible applicants can avail housing finance for the purchase of ready built residences, completion of unfinished houses, building a residence on a land owned by the borrower, and buying residential land. The process involves online document submission, selection of the preferred banking partner, due diligence conducted by the bank, and the presentation of a conditional offer to the applicant. Following careful evaluation, the applicant can accept the offer and proceed to the nearest branch to finalize remaining procedures.

Bank Nizwa’s home finance solutions are in full compliance with Islamic banking principles. The bank’s commitment to offering favourable profit rates, flexible tenures and exceptional service quality, underscores its dedication to making homeownership a reality for a broader segment of the population. Customers can also seek the expert advice of the bank’s relationship managers to help them make astute financial decisions.

Bank Nizwa invites citizens to leverage its participation in the Iskan programme as an opportunity to seek Sharia-aligned housing finance to fulfill their home owning aspirations. Through this initiative, the bank is poised to play a pivotal role in the realization of a brighter and more prosperous future for the Sultanate.