MUSCAT, 16 February 2013 – The first-of-its-kind Zaffaa marriage loan launched by Bank Muscat has evoked good response, fulfilling a long-felt social need in 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: “The unique Zaffaa marriage loan has evoked good response across the Sultanate. The product is in line with the bank's social responsibility. The bank is focused on continuous endeavors to further strengthen relations and lend a helping hand to valued customers, especially youth, as part of which Zaffaa reaches out to them for planning their 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. Zaffaa reiterates Bank Muscat's commitment to the country's future generations."
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.