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| Source: alizz islamic bank. Al Osool Properties signs a forward ijarah financing agreement with alizz islamic bank for The Pearl Muscat. The signing ceremony on 28 December 2015 was attended by Salaam Al Shaksy, CEO of alizz islamic bank (second from left) and Hassan Mohamed Juma Al Lawati, Managing Director of Al Osool Properties (third from left). The signing ceremony was also attended by Ehab Hashish, DGM-Head of Wholesale Banking of alizz islamic bank, alongside the proprietors of the The Pearl Muscat; Hilal Abdullah Al Hoqani and Ahmed Ali Khamis Al Mahrouqi. |
Alizz islamic bank has signed a financing agreement based on forward ijarah with pioneer real estate development and investment company Al Osool Properties for the development of its premium integrated tourism complex (ITC) project The Pearl Muscat. The Pearl Muscat is being developed on land in the Muscat Hills Commercial area. The project spreads over 6,911 sq m and will comprise a basement, ground floor plus six storeys and a penthouse.
The financing agreement marks an important milestone in the development of Oman's real estate sector and reiterates alizz islamic bank's commitment to strengthen institutional participation for real estate projects. Alizz islamic bank provides shari'ah compliant financial solutions for corporate, government and individual customers. In forward ijarah, the property is acquired by alizz islamic bank under an istisna sale contract with a developer upon customer's promise to lease. The property is accordingly leased and delivered to the bank's customer for the agreed term and rentals, after which the ownership is transferred to the customer.
Salaam Al Shaksy, Chief Executive Officer of alizz islamic bank said, "We are pleased to partner with Al Osool Properties for developing its premium project The Pearl Muscat. This is in line with our strategy to support the local tourism and development projects. The bank continues to demonstrate its commitment towards financing projects which contribute to the local economy."
Al Shaksy added that the entry of Islamic institutions has brought a range of shari'ah compliant products and services to meet the diverse financing needs of corporate and institutional clients in Oman.
Hassan Mohamed Juma Al Lawati, Managing Director of Al Osool Properties said that "the development agreement between Al Osool Properties and alizz islamic bank will provide a solid guarantee to our customers that their properties will be delivered within the stipulated deadline irrespective of the market dynamics."