MUSCAT: Bank Nizwa, Oman’s first Islamic bank, has signed an agreement with Zawaya Development to provide home financing solutions for potential home-owners at Al Taif 1, an integrated residential project in Mawaleh.

The new partnership is in line with the bank’s strategy to bring Islamic banking closer to customers by working with businesses and offering Shari’a compliant products that will support the growth of the real-estate industry in Oman.

Through this partnership, Bank Nizwa aims to redefine the banking experience for people, by providing tailored, innovative and secured Sharia’a-based products and services at every stage of their life.

To that end, the agreement offers flexible finance solutions that meet the demands of modern living. Home financing propositions are now available through Bank Nizwa for one and two bedroom apartments at Al Taif 1, scheduled for completion in Q2 of 2016.

Dr Jamil El Jaroudi, chief executive officer of Bank Nizwa, said, “We have witnessed exponential growth within our home and property finance products since we launched them in 2013, which is indicative of the growing market for Islamic banking options within the real estate market. Through our agreement with Zawaya Development we are extending the reach of our Shari’a-compliant solution, offering competitive profit rates, flexible repayments and enhanced financial security.”

Al Waleed al Kindi, managing partner of Zawaya Development, said, “Al Taif 1 is the first in a series of prime-location realty that is characterised by quality, exceptional style and attractive prices. Our partnership with Bank Nizwa will deliver a great product to prospective buyers, and our mutual customer-centric approach, will certainly see positive response from the market.”

Zawaya Development is one of the fastest growing real estate development and marketing companies in Oman. The company’s developments include Al Hilal Projects, Al Noor Projects and Al Taif Projects. All projects are underpinned by offering the ‘right location’, with a ‘convenient design’, for the ‘most suitable price’.

Bank Nizwa’s home finance product suite has been designed based on the Shari’a concept of Ijara, Murabaha and Forward Ijara. Throughout 2014, the bank’s customer financing performance reported exponential growth, reaching 349 per cent for the year by the end of Q3.