MUSCAT: Alizz Islamic Bank announced the launch of a travel finance offer to help customers enjoy their summer vacations in any country of their choice, with easy payment options that may extend from 3 to 10 years at flexible finance rates. This offer is effective as of June 21 until August 31, 2022.
The travel finance is based on the Shari’a-compliant ‘Service Ijarah’ product which is approved by the Shari'a Supervisory Board (SSB). To enjoy this offer, the customer has to visit any travel agency and request for a quotation which he/she has to hand over to the bank’s branch. The transaction will be completed easily and within 24 hours.
This offer is available at a competitive financing profit rate starting from 4.5 per cent and repayment period of 3 years noting that the minimum financing amount is RO 1,000. Such offers are open to customers who have salaried accounts at the bank. As for those with no accounts at the bank, they must transfer their salaries to the bank in order to enjoy the travel finance offer along with other similar offers like home finance, personal finance and auto finance.
For instance, in case the customer applies for travel finance of RO 1,500 for a finance period of 10 years, his/her monthly payment will be a maximum of RO 18, as the extended repayment period will automatically mean lower instalment amounts. Profit rates also decrease with shorter payment periods. Interested customers, or those transferring their salaries to the bank may visit the nearest branch to submit the required documentation or enquire about the finance terms or contact the call centre.
Alizz Islamic Bank is proud to give its customers Shari'a-compliant personal finance ‘Service Ijarah’ to enhance their life and help them reach their goals. It is designed to help them meet their needs, be it travel, medical expenses, children school fees, marriage or any other services, at the most competitive prices. With 'Service Ijarah', the bank will have 'agreements' with service providers, whereby the bank leases the services required by the customer directly from the provider and sub-leases it to the customer.
This finance offer is open to Omanis and resident expatriates, subject to simple documentation and facilitated procedures and approvals, and covers 100 per cent of the goods/service value. It is available to employed and self-employed individuals. The minimum customer salary is RO 300 for government employees and RO 350 for employees of private companies.