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National Mass Housing and Sohar Islamic ink MoU

Financing will be available to interested parties purchasing residential units in the upcoming Areej project – Phase 2 located in Muscat

This image is for representation purposes only.
This image is for representation purposes only.

Oman’s Sohar Islamic inked a memorandum of understanding (MoU) with National Mass Housing, a developer of integrated housing communities, to offer Sharia’a-compliant financing solutions to potential buyers.

Financing will be available for interested parties purchasing residential units in the upcoming Areej project – Phase 2 located in Muscat.

The purpose of the MoU is to jointly provide comprehensive and innovative financial solutions that cater to buyer needs, Muscat Daily reported.

Salim Khamis Saif al Maskry, head of Sohar Islamic said, “With our flexible offerings, we are confident that the Sharia’a-compliant financing solution will suit the financial abilities in terms of convenient residential units.

“We are extremely pleased with our agreement with National Mass Housing and look forward to a successful long-term relationship on this project.”

Sohar Islamic’s construction and home finance programme is said to be compatible with the Islamic Sharia’a law. The finance provides up to 80% of the property value for up to 25 years.

Sohar Islamic Construction and Housing Finance buyers can also avail of a bundled pre-approved auto finance limit.

Rashid Saleem al Masalti, chief executive officer, National Mass Housing said: “We are delighted to sign this partnership as Sohar Islamic and National Mass Housing believe in sharing the same objective of facilitating easy financial options for buyers.

“We consider this agreement as an important step towards improving and providing better financial options in the housing business. We look forward to building a healthy relationship.”

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