Oman’s first and leading Islamic financial institution, Bank Nizwa has signed a Memorandum of Understanding (MoU) with Sustainable Development and Investment Company (SDIC) to provide Shari’ah-compliant home finance solutions to customers aspiring to buy properties at The Sustainability City – Yiti.
The bank said that “this strategic agreement will help customers finance off-plan residential properties in the city, even though they are under construction.”
The Sustainable City – Yiti project is being developed by SDIC, a joint venture between OMRAN Group, the executive arm of the Sultanate for developing the tourism sector, and Diamond Developers, the leading company in developing sustainable communities.
The Sustainable City – Yiti is set to be the first fully sustainable community in Oman, and will meet the highest standards of social, environmental, and economic sustainability, with mixed housing typologies to suit different categories.
“We are indeed delighted to have signed this MoU with SDIC, the company responsible for developing the Sustainable City – Yiti, one of the region’s most prominent urban development projects to embrace the principles of sustainability. This strategic initiative is congruent with Bank Nizwa’s vision of playing an instrumental role in key national projects that are shaping the future of the country. The project’s keen focus on green energy also complements Bank Nizwa’s efforts towards fostering sustainable socio-economic progress in the country through unique, industry-first products and services.”
“Bank Nizwa’s flexible Shari’ah-compliant financing solutions will go beyond giving an impetus to the real estate sector – it will help individual customers contribute to Oman’s green vision as they enhance their asset portfolio,” Mr. Al Kayed added.
Mr. Hashil bin Obaid al Mahrouqi, Chairman of the Board of Directors of the SDIC, said that, “This signing comes as part of our continued commitment to work with our partners to provide superior services and reliable financing solutions to investors and customers of The Sustainable City – Yiti.”
Mr. Al Mahrouqi further noted that “the Sustainable City – Yiti – with an investment value of approximately $1 billion, is an innovative project introducing a new concept to Oman’s real estate and tourism industries. It is considered the first project to provide residential units and tourism facilities designed to meet the highest standards of environmental, economic, and social sustainability.”