Bank Nizwa’s Shari’a-compliant auto finance Ramadan campaign extended until July 31st 2016

Bank Nizwa’s auto finance Ramadan Campaign has been well received across Oman by individuals looking to avail of Shari’a-compliant finance solutions to purchase their vehicle of choice. The bank’s campaign, which has been extended until end of July features value-added benefits including reduced repayment options, up to 10 years finance, as well as quick approvals and competitive profit rates to ensure hassle-free purchases.

“In order to offer competitive auto finance, we take a tailored approach that caters to our various customer needs.” said Asad Batla, AGM Retail at Bank Nizwa “Whether upgrading to a new model or purchasing for the first time, Bank Nizwa’s auto finance is designed to make the process as simple and easy as possible with reduced monthly installments. For even more added convenience the Bank has been working closely with various auto dealers to design customer centric solutions.”

Bank Nizwa’s auto finance offers a host of benefits to customers including the flexibility in choosing repayment options whether through salary transfer or a postdated cheque facility. It is based on the principles of Murabaha, an Islamic finance concept where the bank purchases goods upon request by the client and sell it to the client on deferred payment bases. The transaction is completely transparent, has no hidden fees and is available for any nationality.

This offer is available at all 11 branches of bank Nizwa spread across the Sultanate. In addition to the branches, the bank’s mobile truck is moving around the Sultanate bring the bank closer to its customers. The bank also has a team of direct sales representatives who are available at many dealer showrooms and are assisting customers with the best available financial solutions that meet their needs.

The growth of Bank Nizwa’s retail products and services such as auto finance reflects the increasing importance of the Islamic finance in the local and regional banking sector. According to the World Islamic Banking Competitiveness Report 2016, countries within the GCC added USD 91 billion in Shari’a-compliant assets in 2015. The sector’s rise has been underpinned by strong retail finance solutions that have enriched the lives of millions in the region with greater choice, accessibility and efficiency.