MHUP signs MoU for home financing solutions

MHUP signs MoU for home financing solutions

Muscat – Contributing towards the development of the Omani real estate sector, the Ministry of Housing and Urban Planning has signed a memorandum of understanding (MoU) with Sohar Islamic to enable Omanis to own homes. The scope of the memorandum includes financing beneficiaries of the Naseem neighbourhood, the first community neighbourhood of the Sorouh initiative launched by the ministry and similar projects.

The agreement was signed by H E Hamad Ali Sulaiman al Nazwani, Undersecretary for Housing in MHUP, and Fahad al Zadjali, Head of Retail Banking and Branches at Sohar Islamic. The signing ceremony took place on the ministry’s premises in the presence of senior officials of MHUP and the bank.

As per the terms of the MoU, Sohar Islamic customers can now obtain quick, easy and convenient property financing solutions from the bank to purchase property that is either under construction or fully completed which fall under the ministry’s Sorouh initiative.

Commenting on the signing of the MoU, Abdul Wahid al Murshidi, Chief Islamic Banking Officer at Sohar International, said, “As a progressive, agile and dynamic bank, Sohar Islamic is in line with the government’s efforts to enhance the pace of real estate development and achieve the objectives of the comprehensive