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Sohar Islamic launches auto financing initiative


Dr Mohamed bin Abdulaziz Kalmoor, CEO, Bank Sohar, says their products and services are tailored specifically to meet our customer’s demands and were developed through intensive research. Photo provided

Muscat: Coinciding with the Holy Month of Ramadan, Bank Sohar recently opened its first dedicated Sohar Islamic branch in Falaj Al Qabail, in order to provide unique, authentic and reliable Islamic banking products in compliance with the Islamic Sharia law. 

Following its official opening, the bank has now announced the launch of its Auto Finance programme to meet the different financing needs of its customers to purchase cars. 

This product is distinguished with its affordability and flexible terms which offer financing for up to 80 per cent of the vehicle's price, with a repayment period of up to 84 months at very competitive rates and quick processing periods, for both new and used cars.

Commenting on the launch of its first Sharia compliant financing solution, Bank Sohar's CEO, Dr Mohamed bin Abdulaziz Kalmoor said, "This programme is just the first in a series of products and solutions that the bank will launch over the course of the Ramadan period. Through these programme, our customers can experience comprehensive modern financing that is both compliant with Islamic Sharia laws and in accordance with the highest
international standards." 

He also added, "Our products and services are tailored specifically to meet our customer's demands and were developed through intensive research and carefully understanding their needs and requirements." 

The Auto Finance programme offers customers the luxury of choice by presenting them with a variety of options and the flexibility they desire in purchasing exactly the vehicle they want — be it a sports convertible or a SUV for the family. 

The programme offers Sharia compliant auto financing solutions for new and used cars for up to 80 per cent of their value; and does so without the need for salary transfers. Finance is available for a period of 84 months for new vehicles and 60 months for used vehicles and at very competitive rates. The programme also prides itself on offering customers quick processing times and higher financing limits and even offers customers the option of instalment deferment.

This is one of the first financial products to be launched by Sohar Islamic from a comprehensive programme of banking solutions covering a wide array of retail and corporate financing needs. 
These products are being developed at the highest international banking standards which are Islamic Sharia compliant. They will include automobile finance, term deposits, housing finance, savings accounts and current accounts for the bank's retail customers.  

Sohar Islamic will also provide corporate financial solutions consisting of asset finance, working capital finance, trade finance, treasury and investment products. 

The bank has entered into an agreement with Dar Al Sharia Legal and Financial Consultancy of Dubai, to help it with all the important aspects of its Islamic Banking Window.

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