Bank Nizwa, Oman’s First Islamic Bank launched the latest addition to its home finance suite, ‘Under Construction Property Finance’. The much awaited product is launched following a comprehensive study and evaluation of the needs of the Bank’s customers.
Commenting on the latest addition to the bank’s portfolio, Dr. El Jaroudi said, ‘Home buyers can spend a lifetime searching for a house. Everybody wants the perfect view, the most comfortable lounge or the coziest kitchen. With ‘Under Construction’ Home Finance, customers can stamp their own design and tastes on their home and design it just how they want’. He further added, ‘Now it is possible for our customers to transform the blueprint of their house into reality using our Shari’a compliant Home Finance product.’
The ‘Under Construction’ Home Finance product gives customers the flexibility to design their houses to their own lifestyle needs and within their budget. With a very low profit rate charged on a reducing basis, Bank Nizwa, has taken the time to make the process as customer friendly and stress free as possible. Available to salaried and self-employed individuals, the bank will finance up to 80% of the construction value and will extend the payment tenure up to 25 years which gives customers added peace of mind.
Bank Nizwa understands what a house means to its customers and has made it extremely easy for them to create a completely personal living environment. It will create a sale contract or ‘Istisna’a with the building contractor to fulfill the financing requirements for the house and will ensure a high quality and timely completion of the property. Bank Nizwa will expect customers to pay only the profit amount during the construction phase of the project. Once the property is complete and certified by an appointed consultant the bank will make the final payments to the building contractor, thus ensuring customers interests are safeguarded throughout the building process.
Bank Nizwa and the customer work in partnership throughout the process through a forward Ijarah contract. Potential homeowners are assured that their financial needs are being met in a completely transparent and Shari’a compliant manner. Bank Nizwa professionally trained staff will be on hand at every step of the process to advice to the customer.
‘Under Construction’ Home Finance is another innovative piece in the Bank Nizwa Home Finance suite. It complements its existing products which enable customers to purchase a-ready to live in property. The bank also prides itself in offering well thought out products and services which exceed expectations, providing its customers with a wide range of banking services to meet their needs.