(MENAFN - Muscat Daily) Muscat- As part of its ever growing product portfolio, Alizz Islamic Bank has enabled salaried individuals to avail commercial finance for their personal businesses via their salary.
Alizz Islamic Bank continues to unveil a wide variety of Sharia'a-compliant commercial financing products for salaried individuals, further offering a number of benefits and special features designed to meet the expectations of its business clients.
Customers that avail Alizz Islamic Bank commercial financing solutions have the advantage of purchasing different goods, including equipment, machinery, vehicles or even property through Murabaha, Ijarah or Forward Ijarah options.
Sharia'a-based Murabaha allows customers to buy equipment and goods and land at competitive prices whereas Ijarah solutions help businessmen finance ready properties, and Forward Ijarah helps them to finance the construction of facilities at competitive prices.
Under Murabaha, the bank will purchase the asset from the seller based on the customer's request and sell it to the customer at cost plus the agreed profit rate, concluding the Murabaha sale contract. The most important feature of this product is that the customer will know the profit mark-up and installments at the time of signing the deal. Another feature is that the Murabaha cost remains unchanged throughout the term. Moreover, the easy procedures allow the customer to own the goods immediately.
Under Ijarah, the customer will be given the right to utilise or lease the property for a specific period while the bank remains the property owner. The bank will buy the property from the developer or seller and lease it out to the customer with a promise to sell it at the end of the lease term.
In Forward Ijarah, the property is acquired by Alizz Islamic Bank under Istisna sale contract with a developer upon the customer's promise to lease. Istisna refers to a kind of sale where a commodity or property transaction takes place before it comes into existence. This essentially means that a company is told to manufacture a specific commodity or build a property for the purchaser.
Once the construction process is completed, the property will be delivered to the customer based on rental conditions. At the end of the lease term (or upon maturity date) and once the obligations stated in the Forward Ijarah contract have been fulfilled, the bank will transfer the ownership of property to the customer at a nominal sale price on the basis of a separate sale contract.
The financing options come with a world of features and benefits. They are available to Omanis working in government or semi-government agencies as well as to those working in the private sector. The minimum salary is RO500 for government and semi-government employees and RO750 for those working in the private sector. The application procedure is easy and fast with simple documentation requirements.
The age of applicants seeking financing should be minimum 21 years and maximum 60 years.