Oman-based Islamic bank Alizz Islamic Bank has entered into a strategic agreement with Shaden Development Company (SDC) to provide long-term Shari’a compliant financing for the implementation of Shaden Al Hail Project phase-2.

The contract was signed by Salaam al Shaksy, chief executive officer of Alizz Islamic Bank, and Khamis bin Mubarak al Kiyumi, chairman of Shaden Development Company, said a report in Oman Daily Observer.

The signing ceremony was attended by the senior management of SDC including Abdul Samad bin Mohammed al Maskari, CEO; Harith al Barashdi, deputy CEO; Girish Koli, chief financial officer, as well as senior officials from alizz islamic bank including Ehab Hashish, deputy general manager, head of Wholesale Banking.

The Shaden Al Hail project features a shopping centre, hotel of 300 rooms, a health club, swimming pools, and will be surrounded by green landscape, it added.

Salaam al Shaksy, chief executive officer of alizz islamic bank, said: “We are pleased to partner with SDC to finance their new project in Al Hail.  This is in line with our strategy to support the local tourism and property development projects.”

“The bank continues to demonstrate its commitment towards financing projects which contribute to the local economy,” he said.

“The entry of Islamic institutions has brought a range of shari’a compliant products and services to meet the diverse needs of the economy,” he added.

Khamis bin Mubarak al Kyumi, chairman of SDC, said: “The real estate market is witnessing a construction and tourism boom due to the economic growth in the sultanate and the availability of liquidity.

“I believe the real estate market in the Sultanate has substantial potential for growth and development that meet the requirements of a large segment of the community, in addition to the real estate diversity in the logistics sector,” he added.