Following its official opening, a brand new Shariah-compliant savings deposit product has now been launched by Sohar Islamic.
The Sohar Islamic Savings Account, anchored by the Mudaraba principle, is designed to provide customers with enhanced flexibility, higher revenues and an improved level of personal service. Each account requires absolutely no minimum balance, and account holders are immediately issued a Visa debit card and a welcome pack. Customers can also enjoy free ATM interactions through the 24-hour OmanNet Network, free online banking at all Sohar Islamic Branches, round the clock availability of a cash deposit facility via Bank Sohar CDM machines and free issuance of statements of accounts.
Commenting on the launch of Sohar Islamic’s first Shari’ah compliant savings account, Bank Sohar’s CEO, Dr. Mohamed Abdulaziz Kalmoor said, “The launch of the Savings Account is in line with our commitment to provide our customers with a more rewarding banking experience, while upholding our commitment to develop best-in-class Islamic banking solutions. The bank is committed to providing customers with tailored products that meet their specific financial requirements, while encouraging them to save on a regular basis.”
Supervised by the bank’s high profile Shari’ah Supervisory Board, the new Savings Account allow customers to enjoy the benefits of banking, in line with their values and one that facilitates their plan for securing their financial future. Furthermore, profits are calculated based on the monthly average available balance in the account and the profits are credited to the depositor’s account every month. In addition, account holders also enjoy remittance and cheque facilities, as well as the option to issue pay orders or demand drafts.
The Shari’ah compliant savings account is just the first in a long line of financial products to be launched by Sohar Islamic. The bank has a comprehensive program of banking solutions covering a wide array of retail and corporate banking needs. These products are being developed at the highest international banking standards which are Islamic Shari’ah compliant. They include automobile finance, term deposits, housing finance, savings accounts and current accounts for the bank’s customers. Sohar Islamic will also provide corporate finance solutions consisting of asset finance, working capital finance, trade finance, treasury and investment products. 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.
“Innovation remains a key focus at Bank Sohar and we will continue offering the best and most innovative Shari’ah-compliant banking solutions to all our customers. We are committed to broadening our product range and to offer compelling value to our customers combined with a great product experience,” added Dr. Mohamed Abdulaziz Kalmoor.
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