NBO Signs an Agreement With the Ministry of Housing and Urban Planning To Facilitate Affordable Housing

Building partnerships to connect its customers to new opportunities, National Bank of Oman (NBO) and its Islamic banking window, Muzn, have recently signed a Memorandum of Understanding (MoU) with the Ministry of Housing and Urban Planning. The MoU aims to facilitate the financing of property on lands made available by the Government to Omani citizens through Sorouh Initiative for Integrated Residential Neighbourhoods launched by the Ministry in 2019. The memorandum was signed by His Excellency Engineer Hamad bin Ali Al Nazwani, Undersecretary of the Ministry of Housing and Urban Planning for Housing, and Abdullah bin Zahran Al Hinai, NBO’s Chief Executive Officer.

Through this collaboration, NBO and Muzn Islamic Banking will offer competitive deals of housing finance to eligible individual as well as a range of products that meet their different needs. The packages will consist of home loans and Shari’a-law-compliant home financing plans at competitive interest and financing rates to purchase lands or properties that are completed or under construction.

Tariq Atiq, Chief Retail and Digital Banking Officer at National Bank of Oman, said, “This public-private partnership is aligned with one of our main aims which is to serve our customers. By making affordable housing financing solutions available, we contribute to the overall well-being of our communities and ensure sustainable development and economic growth.” 

NBO has long been an active participant in initiatives that add value to the development of communities and sustainable growth and diversification of the national economy. The bank will continue to seize opportunities and work together with key partners to unlock opportunities that drive progress and create value for Oman and its people.