OMAN: Sohar Islamic offers attractive Savings Account

Muscat, December 11, 2013: Sohar Islamic, Bank Sohar ‘s dedicated Islamic Banking Window, provides customers with unique, authentic and reliable Islamic Banking Products in compliance with the Islamic Shari’ah principles. The Sohar Islamic Savings Account, anchored by the Mudaraba principle, is designed to provide customers with enhanced flexibility, attractive revenues and an improved level of personal service.

Since its official opening earlier this year, the bank’s Shari’ah compliant savings accounts have been very well-received by customers across Oman. Each account requires absolutely no minimum balance, and account holders are immediately issued a Visa debit card and a welcome pack. Customers can also enjoy free ATM interactions through the 24-hour OmanNet Network, free online banking at all Sohar Islamic Branches, round the clock availability of a cash deposit facility via Sohar Islamic CDM machines and free issuance of statements of accounts.

Commenting on the Sohar Islamic’s Shari’ah compliant savings account, Bank Sohar ‘s CEO, Dr. Mohamed Abdulaziz Kalmoor said, “Our Sohar Islamic Savings Accounts have been very well received by customers, who have seen the immediate benefits of being able to save money regularly and share in the profits of the Shari’ah-compliant assets managed by the bank. Furthermore, together with our other Shari’ah-compliant products and services, Sohar Islamic provides them with a comprehensive list of products and services which is in harmony with their individual ethical considerations.”

Supervised by the bank’s high profile Shari’ah Supervisory Board, the Savings Account allows customers to enjoy the benefits of banking in line with their values, while enabling trouble-free planning for their financial future. Furthermore, profits are calculated on the monthly average available account balance and are automatically credited to the depositor’s account every month. In addition, account holders also enjoy remittance and cheque deposit facilities, as well as the option to issue pay orders or demand drafts.

The Shari’ah compliant savings account is just one of five major products offered by the bank to its retail customers across the Sultanate – automobile finance, term deposits, current accounts and housing finance for the other four. Sohar Islamic also provides corporate finance solutions consisting of asset finance, working capital finance, trade finance, treasury and investment products.

Mr. Mohammad Haris, AGM – Head Islamic Banking added, “We are committed to our customers and guarantee that all products and services offered by Sohar Islamic adhere to the highest level of shari’ah compliance. To do so we ensure that all products meet certain key criteria – a complete segregation of funds; stand alone and independent branches, separate sales staff, a strong Shari’ah supervisory board and Shari’ah audit and compliance unit; committed management; the world’s best Islamic banking software; and compliance with the standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).”

“By attaining such high standards of Shari’ah compliance, we believe we can meet and exceed the needs and expectations of our customers. In fact, customer satisfaction is one of the cornerstones of Sohar Islamic’s philosophy,” he added.

Sohar Islamic has four independent Islamic Branches; located in Muscat (Al Goubrah), Falaj Al Qabail, Firq and Saada. For more details about Sohar Islamic and the services it offers, please call +968 2473 0000.

*This press release was published on 11 December 2013 by Read the original post here.


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