MUSCAT: In what could be a relief to many, two Islamic banks in Oman —- Bank Nizwa and Alizz Islamic Bank has allowed customers to postpone their loan installements for three months.

The decision comes after Supreme Committee directed banks to consider the plight of those customers having loans.

In a statement issued by Alizz Bank on Wednesday said that a customer who earn a net salary of OMR 1,500 and below will be eligible for the loan deferment. “Alizz Islamic Bank’s efforts to support customers affected during the current adverse circumstances, we will be offering all our customers who earn a net salary of RO1,500 and below and that have home finance Ijarah/diminishing Musharakah or commercial finance Ijarah diminishing Musharakah facilities to defer their finance installments up to three months (May, June, July) from May 1, 2020,” Alizz Bank said.

Bank Nizwa also will be deferring the loans payment of customers for three months. “As part of Bank Nizwa’s efforts to support our customers during the difficult circumstances caused by Covid-19, we offer installment deferral for May, June, and July to all our Home finance Ijara, diminishing Musharaka customers drawing a net monthly salary of RO1,500 or less in Solidarity with the nationwide efforts,” the bank added.

It is worth noting that, with salary reduction and delays due to Covid-19 crisis, many people are facing an uphill task to clear their monthly financial obligations. Oman on Wednesday reported 106 coronavirus cases, taking the total tally to 1,614.