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.

Meethaq launches Ramadhan vehicle finance offer

Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has launched a vehicle finance promotion coinciding with Ramadhan. The Meethaq Ramadhan auto finance campaign is available at a 5% annual profit rate inclusive of life takaful during the full finance period. The limited period offer is valid till 31 July 2016.

The shari’ah-compliant Meethaq auto finance programme is based on the concept of murabahah, under which the cost of the vehicle and the profit is disclosed to the buyer. Meethaq purchases the vehicle on customer request, and sells it to them at a cost plus agreed profit.

The exclusive benefits of Meethaq auto finance include financing of up to 80% of the value of the vehicle, repayment tenure up to eight years and free life takaful coverage during the finance period. Financing is also available for purchasing used vehicles.

The bank does not charge any processing fee and offers competitive pricing. With minimal documentation and fast processing, Meethaq car finance is available for citizens and residents at all Meethaq branches.

Eleven Meethaq branches will be open with extended working hours, from 8.30pm to 11.30pm, during Ramadhan: Wattayah, Al Khoud, Barka, Saham, Sohar, Sur, Salalah, Buraimi, Ibri, Ibra and Nizwa.

Meethaq offers a full suite of Islamic banking products and services, including savings account, current account, home finance, auto finance, credit card, mobile banking and Internet banking. Meethaq has 18 branches across the Sultanate of Oman and plans to expand the network as well as launch new products and services to complement the Islamic banking experience.

BIBD At-Tamwil turns to FICO technology to manage loan portfolio risk

FICO, a predictive analytics and decision management software company, has announced that BIBD At-Tamwil, a subsidiary of Bank Islam Brunei Darussalam (BIBD), the largest Islamic bank in Brunei, has seen increases of 20% percent or more in auto loan bookings since it implemented a mobile decision management application developed using FICO technology.
FICO predictive analytics and the FICO Blaze Advisor decision rules system have enabled BIBD At-Tamwil to manage its loan portfolio risk, satisfy regulatory requirements and take full advantage of information from a newly formed credit bureau, which became available in late 2012. 

Source: FICO

The company’s ability to provide on-the-spot decisions for loans has been the driving factor in boosting business. Its marketing agents at car dealers now use iPads to process credit applications at the car lot, entering the customer’s financial information into the mobile app, along with photographs of important documents such as identity cards and payslips. 

This information, along with credit bureau data, is then analysed using predictive analytics and business rules within FICO Blaze Advisor decision rules system to provide a loan approval decision. This customer-centric approach has streamlined the experience, increasing buyer satisfaction and therefore sales.

“We felt customers were waiting too long for loan approvals using our old system,” said Irwan Lamit, MD of BIBD At-Tamwil, which helps more than 14,000 Brunei consumers every year to finance new and used cars or motorbikes. “With this new approach, we’ve cut the process from a potential 24 hours down to mere minutes while still effectively managing risks. This is a win-win solution that has grown our client base and sales.”

BIBD At-Tamwil made this technology investment as part of its strategy to double its revenue every five years in a highly competitive and saturated marketplace.

“Finding growth meant targeting new customers while managing our risk,” said Irwan. “We decided to include non-salary assigned customers, people whose principal bank account is not with our parent bank. To do this, while increasing loan turnaround time, meant quality risk management was an essential ingredient to the solution.

Dinesh Pereira, who manages FICO’s business in Brunei, added that the innovative solution developed for BIBD At-Tamwil is a great example of the use of customer-focused technology in the financial services industry to drive profits.

“BIBD At-Tamwil is using technology to make life easier for clients looking to buy automobiles. Their work demonstrates what is possible when the power of analytics and mobile are brought together to improve the customer experience.”