MUSCAT: Alizz Islamic bank was named ‘Housing Finance Firm of the Year’ for 2016 in the 2nd Edition of the Oman Real Estate Awards, which was organised by the Oman Real Estate Association under the auspices of Sayyid Taimur bin Asaad bin Tareq al Said. Alizz Islamic Bank Head of Branches, Mohammed al Ghassani collected the awards in the presence of senior executives and dignitaries at an exclusive ceremony at the Grand Millennium Hotel Muscat. There were 17 categories of awards and 19 winners. The award ceremony highlights the accomplishments of the Real Estate industry and the role it plays in the development of Oman.
Under ‘Ijarah muntahia bittamleek’, which literally translates to “Lease ending with ownership transfer”, Alizz Islamic Bank buys the property from the seller and leases it out to the customer with a promise to sell it at the end of the lease term. The option, which gives customers a host of benefits and facilities, is open to Omani nationals and resident expatriates, whether salaried or self-employed, and requires simple documentation with fast and easy approval process. The settlement term can be up to 25 years with maximum financing of 80 per cent of the property value or RO 450,000 and is available for existing properties. The minimum salary required is RO 300 only for government employees and RO 350 for private sector employees.
Another Sharia-compliant option is ‘Forward Ijarah’ home finance in which ‘Alizz’, in its capacity as ‘lessor’, constructs the property at the customer’s request and leases it out to the customer after the completion of construction for a certain period of time and against a rental amount. Once the customer has met all obligations under Forward Ijarah contract, the bank will transfer the ownership of the property to the customer.