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Bank Muscat launches first-of-its-kind Zaffaa marriage loan

MUSCAT, 30 December 2013 – Bank Muscat, the flagship financial services provider in the Sultanate, has launched a first-of-its-kind banking product in Oman aimed at supporting youth during marriage. The new Zaffaa marriage loan addresses a long-felt social need, extending a helping hand to Omani youth requiring financial support to conduct their marriage.

Zafaa is targeted at unmarried Omani youth. As per the 2010 census figures, around 58 per cent of Omani nationals comprise youth spread across all regions of Oman. Zaffaa caters to this segment as there is a big demand for such a product in Oman.

Omani nationals above 18 years, both men and women, are eligible to apply for Zaffaa. The maximum loan amount is RO 20,000 with 5-year tenure for repayment. For eligibility, the minimum monthly salary requirement is RO 250 for government and quasi government employees and RO 500 for employees of Tier 1, 2 companies.

Amjad Iqbal Al Lawati, Head – Products and Service Management, said: “As the flagship bank in Oman, Bank Muscat is proud to launch yet another unique product in line with its social responsibility. The bank is focused on continuous endeavors to further strengthen relations and lend a helping hand to valued customers as part of which Zaffaa reaches out to youth planning their marriage. Zaffaa is designed to help young customers draw up a financial plan for their marriage and meet all expenses and also avail special offers on products and services linked to marriage. As the nation's leading banking partner, Bank Muscat attaches great importance to social responsibility and initiatives aimed at sustaining the country's progress and development. The launch of Zaffaa reiterates Bank Muscat's commitment to the country's future generations."

The Zaffaa logo reflects a bride and a bridegroom holding hand in the shape of a loving heart, symbolising the start of their life's journey together. The logo reiterates the helping hand extended by Bank Muscat to Omani youth who represent the future of Oman.

In order to make wedding a memorable experience for customers, Zaffaa facilitates value added services wherein customers can avail special offers and discounts from a host of service providers ranging from suppliers of wedding invitation cards, flowers, catering and wedding halls across Oman. This complements the financial support extended to customers, facilitating a hassle-free marriage.

Amjad Al Lawati added: “Marriage is the foundation of a healthy and happy society. To start a happy married life, one looks forward to a memorable wedding experience and Zaffaa fulfills the dream of marriage."