Sohar Islamic, Bank Sohar's Sharia-compliant banking window, said it is offering financing up to 90 per cent to small and medium enterprises (SMEs) when purchasing construction equipment and commercial vehicles.

The objective of this offering is to nurture SMEs and contribute towards the advancement of the country’s progress, said a statement from the bank.

In catering to the respective segment, the bank is providing a host of Murabaha-based products with a maximum tenure of up to five years, it said.

Salim Khamis Al Maskari, deputy general manager and head of Sohar Islamic, said: “We share the national agenda for growth and has produced a competitive range of facilities to help certain SME segments realise their ambitions in business whilst remaining in-line with the objectives of the Shariah.”

“Our understanding of the Omani market and customer demands has been instrumental in the development of such attractive propositions for SMEs across Oman, and we are happy to complement our offerings by providing professional and responsive services with expert advice as critical components in facilitating growth,” he said.

In order to avail of the SME financing from Sohar Islamic, interested customers will require to certain documentations to complete their application compliantly, including the company’s registration papers from Ministry of Commerce and Industry (MOCI) and Oman Chamber of Commerce and Industry (OCCI), an authorised signatory list, copies of sponsor/partner, and company directors’ identifications, as well as individual IDs for Omani Nationals, or a passport and local ID for GCC nationals and other expatriates, it added.

A company bank statement for the past 12 months, including audited financials and net worth statement  )where applicable, is required as well as the existing contracts in place, deployment details for the proposed assets, and a quotation for the respective construction equipment or commercial vehicles in the name of Sohar Islamic, it stated.

Amidst a range of solutions for the corporate sector, Sohar Islamic offers finance to SMEs, asset finance, working capital finance, trade finance, treasury and investment products.

Noted for its competitive rates, quick processing and easy documentation, Sohar Islamic caters to the business, industrial, agricultural, service, and contracting sectors, as well as traders and entrepreneurs.

To ensure that all products and services offered by Sohar Islamic adhere to the highest level of Shari’ah-compliance, the Islamic window adheres to certain key criteria, notably a complete segregation of funds, stand-alone and independent branches, separate staff, a strong Shari’ah supervisory board and Shari’ah audit and compliance unit, committed management, iMAL one of the best Islamic banking software in use worldwide, and strict compliance with the standards set by the accounting and auditing organisation for Islamic Financial Institutions, it added. – TradeArabia News Service