Oman Business: Oman’s Bank Nizwa offers financing for Caterpillar vehicles – Gulf Digital News

Oman Business: Oman’s Bank Nizwa offers financing for Caterpillar vehicles – Gulf Digital News

Oman’s Bank Nizwa has signed a Memorandum of Understanding (MoU) with Oasis Trading and Equipment Company to extend financing to the company’s customers for buying Caterpillar vehicles.

As per the agreement, Bank Nizwa will be providing structured Islamic financing facilities to customers of Oasis Trading and Equipment Company to enable them to buy ‘CAT’ machines at subsidised rates.

As a company with over 60 years of experience in the Middle East, Oasis Trading and Equipment Company deals in various CAT machinery, heavy equipment, and power systems, which are used for a wide variety of applications, including earthmoving, building and construction, mining, road making, demolition, waste and scrap handling, electric power generation, and marine propulsion.

Forefront of financing

The agreement was signed by Khaled Al Kayed, CEO of Bank Nizwa and Bashar Ahmed Aref Al Barghouthi, General Manager of Oasis Trading and Equipment Company in the presence of R Narasimhan, General Manager of Wholesale Banking, Khalid Al Barwani, Deputy General Manager Wholesale Banking Group and other senior officials from both entities.

Al Kayed said: “Bank Nizwa’s Wholesale Banking Group has been at the forefront of financing SMEs, corporates and specialised project financing and our multi-industry portfolio is a testament to the growing preference for Islamic banking.