The signing of this agreement is in line with Alizz Islamic Bank's strategy to support and finance projects in the sultanate and contribute to the growth of the economy, the bank said.
This is the first agreement of its kind in which OES acquires shari'ah-compliant financing. The agreement was executed by the project finance team at Alizz Islamic Bank, which has extensive experience in providing financial solutions that comply with the principles of shari'ah. The financing facilities will be used for the construction of an additional academic building at GUtech campus, a 400-room student on-campus accommodation building, completion works for the conference and exhibition centre, as well as the development of the Mahara research centre.
Al Shaksy said, "Backing the sultanate's educational institutions is an important part of our strategy and we are happy to be part of this initiative that will help this sector to grow and thrive. Alizz Islamic Bank is a strong example of how Islamic financial institutions can support the growth of the educational sector which is crucial for the development of the country.
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| Source: Alizz Islamic Bank. The agreement was signed on behalf of Alizz Islamic Bank by the Honorable Salaam bin Said Al Shaksy, CEO of Alizz Islamic Bank and by Dr Hussain bin Sulaiman Al Salmi, CEO of OES on behalf of GUtech. |
"We have developed a variety of shari'ah-compliant banking products and services that meet all the financing needs of government and corporates operating in Oman."
Dr Hussain bin Sulaiman Al Salmi, CEO of Oman Educational Services said, "Alizz Islamic Bank offers the strategic financial solutions that our organisation requires and we are delighted to be affiliated with them. Partnering with Alizz Islamic Bank will help us fulfill our growth plans and boost facilities for our students and stakeholders to continue to their academic journey."