MUSCAT, 25 April 2015 - Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, and Zawaya Development signed a memorandum of understanding (MoU) to provide attractive Meethaq home finance for Al Taif 2 and Al Hilal 6 residential projects. Sulaiman Al Harthy, Group General Manager – Islamic Banking, and Waleed Al Kindi, Executive Partner of Zawaya Development, signed the MoU at the bank's head office.
Sulaiman Al Harthy said: “Meethaq is proud to be associated with Zawaya's Al Taif 2 and Al Hilal 6 projects and facilitate attractive home finance in line with Shari'a principles. The real estate sector is a major component of the national economy and Meethaq Islamic Banking is committed to extending all support aimed at offering citizens easy access to Shari'a based home finance."
Al Taif 2 is Zawaya's second project of the recently introduced premium series (Al Taif) in Baushar with excellent style and attractive pricing. Al Hilal 6 is the latest project of the affordable series (Al Hilal) with a good location and smart layouts in Al Khoud.
Waleed Al Kindi said: “We are happy to join hands with Meethaq Islamic Banking to provide attractive home deals for citizens. The association between the two institutions will give a boost to the real estate sector and benefit citizens across Oman to fulfill their dream homes."
Meethaq home finance is designed to help families fulfill their dream homes. Meethaq offers attractive Shari'a based finance to suit everyone's needs with simplified documentation and processing across the network of branches in Oman.
The residential segment of the real estate sector in Oman assumes importance in light of the growth in population as well as the buoyant economy. The deregulation granting property ownership rights to GCC nationals and expatriates has also attracted Oman as an investment destination.
Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robust model which protects customers and complements the Islamic banking industry. Every Meethaq product goes through the process of Shari'a compliance certification by the Shari'a Supervisory Board and is created in line with the guidelines of the Central Bank of Oman.