MUSCAT, 2 June 2012 – BankMuscat, the flagship financial services provider in the Sultanate, hosted prominent builders and developers in the real estate sector to celebrate the successful operations of its 'baituna' home finance. Abdullah Tamman Al Maashani, AGM – Direct and Institutional Sales, led the Bank's team at the event aimed at renewing relations and enhancing support for future 'baituna' endeavours.
Abdullah Tamman Al Maashani said: “The real estate sector is a major component of the national economy and BankMuscat is committed to extending all possible support to achieving the objective of a home for every family, thereby contributing to the revitalisation of the real estate sector and enhancing its role in the national economy. Complementing government efforts, 'baituna' home finance reflects the Bank's commitment to fulfilling the aspirations for a home for every family. With tailor-made financial solutions, 'baituna' facilitates and improves the prospects of finding a home for all."
'baituna' complements attractive home deals by prominent real estate and property developers, facilitating purchase and construction of new homes as well as land for residential use. Finance is offered to Omani nationals, GCC nationals and expatriates. The Bank also undertakes refinancing of housing loans.
Sami bin Said Al Nabhani, Director of Marketing and Sales, Al Madinah Real Estate, said: “We appreciate BankMuscat for providing support to the real estate sector which is proving beneficial for all. We look forward to strengthening this relationship to contribute to development and help realise the dreams of every family to own a dream home."
Mishaal bin Mohammed bin Abdullah Al Musa, CEO of Zain Real Estate Development, said the banking support was key to promoting the real estate sector. He commended BankMuscat for taking the lead role in rejuvenating the real estate sector in Oman.
The residential segment in Oman assumes importance in light of the growth in population as well as the buoyant economy. The deregulation in property ownership rights granting foreign ownership to GCC and non-GCC nationals has also attracted Oman as an investment destination.
'baituna' offers attractive interest rates, quick and convenient approval process, specialised mortgage advisory and loan facilitation across 131 branches for properties from leading developers.