This product is distinguished with its affordability and flexible terms which offer financing for up to 80% of the vehicle’s price, with a repayment period of up to 84 months at very competitive rates and quick processing periods, for both new and used cars.
Commenting on the launch of its first Shari’ah compliant financing solution, Bank Sohar’s CEO, Dr. Mohamed Bin Abdulaziz Kalmoor said, “This program is just the first in a series of products and solutions that the bank will launch over the course of the Ramadan period. Through these programs, our customers can experience comprehensive modern financing that is both compliant with Islamic Shari’a laws and in accordance with the highest international standards.” He also added, “Our products and services are tailored specifically to meet our customer’s demands and were developed through intensive research and carefully understanding their needs and requirements.”
The Auto Finance program offers customers the luxury of choice by presenting them with a variety of options and the flexibility they desire in purchasing exactly the vehicle they want – be it a sports convertible or a SUV for the family. The program offers Shari’ah compliant auto financing solutions for new and used cars for up to 80% of their value; and does so without the need for salary transfers. Finance is available for a period of 84 months for new vehicles and 60 months for used and at very competitive rates. The program also prides itself on offering customer’s quick processing times and higher financing limits and even offers customers the option of installment deferment.
This is one of the first financial products to be launched by Sohar Islamic from a comprehensive program of banking solutions covering a wide array of retail and corporate financing needs.
These products are being developed at the highest international banking standards which are Islamic Shari’ah compliant. They will include automobile finance, term deposits, housing finance, savings accounts and current accounts for the bank’s retail customers. Sohar Islamic will also provide corporate financial solutions consisting of asset finance, working capital finance, trade finance, treasury and investment products. The bank has entered into an agreement with Dar Al Sharia Legal & Financial Consultancy of Dubai, to help it with all the important aspects of its Islamic Banking Window.
Bank Sohar currently has three functional Sohar Islamic Branches located in Falaj Al Qabail, Firq and Saada, with more expected to open before the end of the year.
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