IslamicFinance.de

In line with the government's initiatives to boost the Small and Medium Enterprises (SME) sector in the Sultanate, Sohar Islamic, Bank Sohar's dedicated Islamic Banking Window, continues to support the sector with its SME line of services. The bank provides financing up to 90 per cent at competitive profit rates for a maximum tenure reaching up to 5 years allowing SMEs to invest in construction equipment, machinery and commercial vehicles. The product is underpinned by simple application and approval process, thus ensuring quick turnaround time (TAT), tie ups with major dealers of equipment and commercial vehicles, collateral-free financing (financed asset constitutes the primary security), and less documentation. In addition to the SME finance, Sohar Islamic has banking solutions that cover retail and corporate financing needs.

Bank Sohar's Islamic banking arm, Sohar Islamic, has launched a Shari'ah-compliant home finance programme, as part of its plan to expand the products and services portfolio. The new product features flexible terms, which offer financing for up to 80% of the property value, with a repayment period of up to 25 years.