Meethaq and Oman Property Development Company facilitate home finance for Ras Al Hamra home project

Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, and Oman Property Development company have signed a memorandum of understanding (MoU) to facilitate attractive Meethaq home finance for the Al Hamra Classic Home project in Ras Al Hamra. 

The move underlines the upward swing in the residential segment of the real estate sector in Oman in light of the growth in population as well as the developing economy. The deregulation granting property ownership rights to GCC nationals and expatriates has also attracted Oman as an investment destination. 

Sulaiman Al Harthy, Deputy Chief Executive Officer – Islamic Banking, Meethaq, said: “Committed to sustainable social and economic development, Meethaq is happy to be associated with Al Hamra project to provide innovative home finance in line with shari’ah principles. The real estate sector is a major component of the national economy and Meethaq Islamic Banking is committed to extending a helping hand for easy access to shari’ah based home finance.”

Abbas bin Abdullah Al Ajmi, Chairman of Oman Property Development company, said: “Oman Property Development company is proud to join hands with Meethaq Islamic Banking in extending attractive home deals. The co-operation between the two institutions will benefit citizens to fulfill their dream homes in Al Hamra project comprising 15 residential units.” 

Meethaq offers a full suite of Islamic banking products and services, including savings accounts, current accounts, home finance, auto finance, credit cards, mobile banking and Internet banking. Meethaq has 17 branches across the Sultanate and plans to expand the network as well as launch new products and services to complement the Islamic banking experience.