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Oman : BANK MUSCAT inks unprecedented deal with OHB
Publish Date : 17-Dec-2013
An unprecedented deal has been inked between the flagship financial services provider in the Oman, Bank Muscat, and Oman Housing Bank (OHB), to offer baituna home finance to clients of OHB.
The facility, designed to provide low-interest home finance to more citizens, is a part of Bank Muscat's pledge to a 'home for every family' and development of the country.
The agreement was inked between Darwish bin Ismaeel bin Ali al Balushi, Minister Responsible for Financial Affairs and Chairman of Oman Housing Bank, and AbdulRazak Ali Issa, Chief Executive of Bank Muscat, at the minister's office.
The Ministry of Finance has assigned OHB to provide home finance to Omani citizens at lower interest rate.
The new agreement will see, Bank Muscat offering special baituna home finance to Omani citizens referred by OHB.
The loan amount will be as much as RO 60,000 and the maximum tenure will be 25 years.
Shaikh Khalid bin Mustahail al Mashani stated : 'Bank Muscat is proud to join hands with OHB and thereby complement government efforts in promoting housing development in the country. During the last 31 years since its inception in 1982, Bank Muscat has been closely associated with the progressive march of the nation. A keen perception of customer requirements has enabled the bank to develop innovative products and services in line with the current and emerging needs, and thereby emerge as the bank of first choice in Oman.'
AbdulRazak Ali Issa added : 'As the flagship financial services provider in the Sultanate, Bank Muscat is committed to the country's economic and social development. The new agreement with OHB offers a unique opportunity for citizens to fulfill their dream home. baituna offers the most convenient mortgage plans to suit everyone’s needs. All leading property developers are associated with the bank, hence baituna facilitates access to a wide range of residential projects across the Sultanate.'
