Bank Sohar introduces the Al Mumayaz Auto Loan Ramadan Promotion

As part of its Ramadhan initiatives and in line with its customer-focused strategy, Bank Sohar has introduced this year’s Al Mumayaz Auto Loan Ramadan Promotion.

Loans can be granted against post-dated cheques and financing provided for up to 80% of the vehicle’s value. Loan approvals are finalised within an hour’s time, and interest rates start from 4.5% per annum. A grace period for the commencement of loan repayment can be extended up to Eid Al Adha. The Ramadhan promotion also offers customers attractive rates on motor insurance as well as a credit card, free of charges for the first year, to eligible car owners.

Customers applying for an auto loan through Bank Sohar will also be entitled for a Bank Sohar Excel Visa credit card with the first year free of charge. The type of card - Platinum, Gold or Classic - will be based on salary eligibility and will come with all of the benefits associated with any Excel credit card.

Khamis Masoud Al Rahbi, Senior AGM and Acting Head of Retail Banking, Bank Sohar said, “Stemming from our strong belief that customers are the primary pillars of any organisation, we continue to evolve and introduce services that can cater to their requirements. As with every year in the holy month, we have come to expect offers from all the various sectors within the industry and more so on the auto front.

"In order to allow our current and potential customers to utilise on such limited time offers, we continue to introduce innovative and packaged deals, which also allow us to stay in line with the competition and continue our path to banking excellence. With customer convenience as one of the top priorities, we have also set an evening counter to cater to clients from 8pm to 11pm at our Qurum branch.”


Interested?

The Al Mumayaz Auto Loan Ramadan Promotion will be available throughout Ramadhan and will conclude on July 31. It is open to both Omani and expatriate customers interested in purchasing new or used vehicles. Financing is available for a maximum tenure of seven years for new vehicles and five years for used vehicles.

Alizz Islamic Bank launches 2017 Ramadhan auto finance scheme

Source: Alizz Islamic Bank. Poster for
the Ramadhan auto finance scheme.

With the aim to help fulfill the dreams of the bank's customers to own a car during Ramadhan, Alizz Islamic Bank has announced the launch of its 2017 Ramadhan auto finance scheme, Sharing the Blessings of Ramadan.

The auto finance scheme features competitive profit rates and deferred payment of installments for two months after the purchase of the car. The shari'ah-compliant finance scheme is available for purchasing both new and used cars.

The scheme is based on the shari'ah principle of murabahah and offers an easy settlement period of up to 84 months and the availability of auto finance for both employees and business owners. In addition to this, financing is open to both Omanis and resident expatriates with up to 80% of the value of the car being financed.


Moosa Al Jadidi, COO, Alizz Islamic bank said, "We are proud to have an integrated and efficient team that has developed an efficient auto finance scheme where customers only need to visit the nearest branch to complete the procedures. Our products and services are not based on competition, but on being exclusive when compared to products from other banks. Our top priority is to make the dream of owning a car for our customer come true through a smooth and hassle-free process.

"Alizz Islamic bank is the only bank that offers 35 sharia'ah compliant products that meet the needs of individuals and companies. They are designed to meet requirements of the different segments of society. In addition, we launch outstanding products that add value to customers' lives and enhances their confidence moving forward. All customers can benefit from the products and services provided by Alizz Islamic bank during Ramadhan and throughout the year."

Interested?

Eligible individuals include public sector employees who earn a minimum salary of OMR300 and private sector employees who have a minimum salary of OMR350. Customers can apply for the finance scheme car by providing a quotation from the retailer on the chosen car. The application is addressed to Alizz Islamic Bank and the customer pledges to purchase the car from the bank after the due process is completed. Consequently, the bank buys the car from the retailer and takes possession, and later resells the car to the customer via 'murabahah' once the payment of installments is completed.

The bank has also dedicated its Wattayah branch as an Auto Finance hub during Ramadhan. The branch will be open from 9am to 1pm and from 8pm to 11pm.