NBO Muzn Islamic Banking has signed Memorandums of Understanding (MoUs) with three leading real estate developers to facilitate Shari’a-compliant housing finance solutions for Omanis under Oman’s national housing scheme.
Through these partnerships, Muzn Islamic Banking will provide eligible Omani citizens with streamlined access to housing finance that is fully compliant with Shari’a principles.
The agreements ensure the rights of all stakeholders, including the bank, developer, and customer, are protected and offer a transparent structure to support end-to-end financing.
These projects are part of integrated mixed-use developments under the Ministry of Housing and Urban Planning’s Sorouh initiative. The initiative aims to support national housing policies by reducing land demand and offering eligible citizens high-quality, affordable residential alternatives.
NBO Muzn Islamic Banking signs several agreements
The MoUs were signed with Al Masa Real Estate for the development of the Hayy Al Azm Project, with Al Daham Real Estate for the Hay Al Sumu Project, and with Adrak Developers for two projects the Yenaier and Hai Al Naseem.
The agreements were signed by Abdullah Zahran Al Hinai, Chief Executive Officer of NBO, Faisal Al Wahaibi, General Manager & Chief Retail and Digital Banking Officer at NBO, Mundhir Abdullah Al Hammadi, Chief Executive Officer of Al Daham Real Estate, Ahmed Hamed Al Sabhi, Chairman of Al Masa Real Estate, and Dr. Thomas Alexander- Chief Executive Officer of Adrak Developers, at NBO Head Office in Azaiba.
Salima Al Marzooqi, Assistant General Manager and Chief Islamic Banking Officer at NBO Muzn Islamic Banking, commented that, “Our support for the Sorouh initiative reflects NBO Muzn Islamic Banking’s continued commitment to advancing national development goals. These partnerships aim to empower citizens with housing solutions while adhering to our core values of trust, transparency, and Shari’a compliance.”
