Bank Sohar’s dedicated Islamic Banking Window – Sohar Islamic, provides customers with unique, authentic and reliable Islamic Banking Products in compliance with Islamic Shari’ah principles. As one of its key financial solutions, Sohar Islamic Auto Finance offers quick approvals, competitive rates, financing with or without salary transfer and tenure of up to 7 years.
Highlighting Sohar Islamic’s Shari’ah compliant Auto Finance, Mr. Mohammad Haris, AGM & Head of Sohar Islamic said, “We always strive to customize products and services based on an in-depth understanding of our customer needs in order to constantly offer services that meet and exceed their expectations. With our updated auto finance solution, we offer customers a greater variety of options and the flexibility they need in purchasing exactly the vehicle they desire. Such improvements will appeal to a wider customer base and bolster Sohar Islamic’s growth in the Islamic Banking market.”
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. Furthermore, if the salary is transferred to the bank, joint registration or mortgage is no longer required. Finance is available for a period of up to 7 years for new vehicles and up to 5 years for used cars. The program also prides itself on offering quick processing, higher financing limits and very competitive rates.
Auto Finance is just one financial product from Sohar Islamic’s comprehensive program of banking solutions that cover a wide array of retail and corporate financing needs. These products follow the highest Shari’ah compliant international banking standards. In addition to automobile finance, these solutions also include housing finance, term deposits, savings accounts and current accounts for the bank’s retail customers. For its business clients, Sohar Islamic offers asset finance, working capital finance, trade finance, treasury and investment products.
To ensure that all products and services offered by Sohar Islamic adhere to the highest level of Shari’ah compliance, they were specifically designed to meet certain key criteria – a complete segregation of funds; stand alone and independent branches, separate sales staff, a strong Shari’ah supervisory board and Shari’ah audit and compliance unit; committed management; the world’s best Islamic banking software; and compliance with the standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
For more details about Sohar Islamic and the services it offers, please visit any of our branches located in Muscat (Al Ghubra), Falaj Al Qabail, Firq and Saada or call us on 24730000 or visit the newly launched website on www.soharislamic.net.