MUSCAT : In a strategic move that is the first of its kind in the Sultanate and the banking sector, Alizz Islamic Bank and Oman Housing Bank signed a Memorandum of Understanding (MoU) to provide Shari’a-compliant auto financing and personal financing solutions to eligible Oman Housing Bank customers, in a partnership that represents a new model of integration between local banks in the Sultanate.

This MoU marks a qualitative leap in the course of banking collaboration, enabling Oman Housing Bank customers to access flexible and competitive Islamic financing products with attractive profit rates. This initiative enhances the diversity of financing options, improves the quality of banking services provided to citizens, and aligns with the Sultanate’s financial transformation and economic development aspirations.

The cooperation contributes to expanding the range of services offered by Oman Housing Bank by enabling its customers to access car financing and personal financing solutions through Alizz Islamic Bank. This, in turn, enhances customer experience and meets diverse financing needs, particularly for Omani families seeking Shari’a-compliant financing solutions under competitive terms.

Commenting on the signing of the agreement, Mr. Ali Al Mani, Chief Executive Officer of Alizz Islamic Bank, said “This agreement comes as part of Alizz Islamic Bank’s commitment to supporting national development priorities and enabling citizens to access flexible and Shari’a-compliant financing solutions. We consider this partnership a strategic initiative that contributes to meeting the essential financial needs of Omani families and enhances financial stability for individuals through effective institutional integration with Oman Housing Bank.”

Al Mani added that the partnership reflects the bank’s vision to expand national partnerships and strengthen the role of Islamic banking in supporting the national economy, while empowering individuals to access innovative and sustainable financing solutions.

Mr. Moosa bin Masoud Al Jadidi, Chief Executive Officer of Oman Housing Bank, stated: “This collaboration represents a milestone in Oman Housing Bank’s efforts to expand the range of financial solutions available to our customers, in line with our commitment to supporting citizens and enhancing their financial well-being. Our partnership with Alizz Islamic Bank allows us to broaden access to car and personal financing solutions, enhancing customer options, service quality, and long-term financial well-being for Omani families.”

The MoU builds on the successful cooperation between the two banks, particularly through their partnership under the “Iskan” program, where Alizz Islamic Bank played a pivotal role in supporting the program and achieving its outcomes. This reflects the mutual trust between the two institutions and lays the foundation for a new phase of long-term strategic collaboration.

This cooperation enables Oman Housing Bank customers to benefit from flexible and competitive financing solutions with a strong focus on customer experience, while ensuring full compliance with Shariah principles, thereby enhancing customer confidence and expanding the reach of Islamic banking within the diverse financial services ecosystem.

Through this agreement, Alizz Islamic Bank reaffirms its ongoing commitment to building strategic partnerships with national institutions, contributing to the development of the financial sector, strengthening the Islamic banking ecosystem in the Sultanate, delivering sustainable added value for all stakeholders, and supporting Oman’s Vision for financial innovation and economic sustainability.