Bank Nizwa, Oman’s first Islamic Bank, has registered an increase in demand for Auto Finance recording double sales across the Sultanate. 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.
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.
“Since its launch in early 2013, the Auto Finance product has been achieving steady growth. To ensure customer satisfaction, we view ourselves as trustworthy consultants rather than service providers only, and understand the importance of streamlining the process and offering maximum savings on rates and fees. Ramadan and Eid Al-Fitr period is considered to be one of the busier times of the year for auto sales, individuals opt to avail of the many promotions offered by automobile dealers. On this basis, we wanted to provide our customers with the means and capabilities to purchase their vehicle of choice through competitive financing plans,” said Dr. Jamil El Jaroudi, CEO of Bank Nizwa.
He added, “An attractive profit rate combined with flexible repayment options and simple documentation has provided a one-stop solution for future auto owners. By acknowledging the customers’ expectations, our teams were able to provide step-by-step guidance throughout the hassle-free process, ensuring a faster delivery time of their new vehicles.”
In addition to Auto Finance, Bank Nizwa continues to provide customers with a wide range of Personal Banking products and services that are Shari’a-compliant and tailored to meet the requirements of different stages of their lives. This includes Personal and Home Finance, as well as various transactional and investment accounts (Current, Savings, Mudaraba Investment), in addition to a host of segmented debit cards that are best suited to customers’ needs.
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