Bank Nizwa, Oman’s first Islamic Bank, has recorded an increase in demand for Auto Finance recording double sales across Oman. During the month of Ramadan, customers visiting any of the Bank’s seven branches were eligible to apply to finance their car at a competitive profit rate of 4.99%, while enjoying a specially designed bundle of value added-benefits, Zawya reported. Committed to empowering its customers to lead financially-secure lifestyles, Bank Nizwa based the Auto Finance product on the Islamic financing concept of Murabaha, while salary transfer is not required. The promotion that runs until August 24th includes a two month grace from first instalment repayment, zero processing fees and free credit life insurance throughout the financing period.
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