NBO Muzn Islamic Banking has announced the signing of two Memoranda of Understanding (MOUs) with Sohar Real Estate Development LLC to support the Hai Majd Project and Zain Property Development LLC to support Husn Al Zain Project. The agreements enable Muzn Islamic Banking to provide Shari’a-compliant home financing solutions to eligible customers purchasing properties developed under the Sorouh Initiative for Integrated Residential Neighbourhoods.
Formalised by officials from the Ministry of Housing and Urban Planning, the National Bank of Oman (NBO), and the respective developers; the agreements were signed by Abdullah Zahran Al Hinai, Chief Executive Officer of NBO, Mahmood Al Mandhari, CEO of Sohar Real Estate Development LLC, and Mish’al Al Raisi, Managing Director of Zain Property Development LLC.
Commenting on the agreements, Salima Obaid Issa Al-Marzoqi, Assistant General Manager and Chief Islamic Banking Officer at NBO, stated, “These partnerships mark a significant milestone in our efforts to deliver accessible, Shari’a-compliant housing solutions. Muzn Islamic Banking is committed to empower individuals and families across Oman with ethical financing options that align with their values. Through our collaboration with trusted developers and MOHUP, we are proud to support the government’s vision of sustainable urban communities.”
The Sorouh Initiative, spearheaded by the Ministry of Housing and Urban Planning, aims to provide integrated residential communities across Oman through partnerships with the private sector. Muzn Islamic Banking’s role in this initiative underscores its ongoing support for national development priorities and its focus on delivering innovative Islamic financial products and services.