Bank Sohar introduces construction funding
Product is fully compliant with Islamic Shariah law
Bank Sohar's Islamic banking window - Sohar Islamic - has introduced dedicated construction financing.
The product is also fully compliant with Islamic Shariah law and provides a comprehensive Islamic finance solution for anyone looking to build a new residential property or purchase under construction property.
Mohammad Haris, AGM and head of Sohar Islamic, said: "The housing finance product launched by Sohar Islamic last year was a huge success with our customers. Backed by its success, Sohar Islamic has now developed the dedicated Sohar Islamic construction finance product which is structured on the Islamic mode of Istisnaa and forward Ijara. It offers flexibility through which one can build a new house or can purchase the under construction residential property and get it completed according to Islamic principles.
"The introduction of this product is in line with Sohar Islamic continuous endeavors to introduce products which meet the needs of people of the Sultanate."