MUSCAT: Alizz Islamic Bank has signed a memorandum of understanding (MoU) with Telal Al Qurm, the Sultanate’s latest Integrated Tourism Complex (ITC), to provide the bank’s customers with the ability to purchase townhouses or flats at the project. Telal Al Qurm is one of the most recent projects of Alargan International Real Estate with a total area of 164,900 square metres. The project encompasses residential units ranging from 1, 2, and 3 bedrooms besides state-of-the-art commercial space and shopping centres.
The infrastructure of the project located at the heart of Muscat city in close vicinity to Al Harthy Complex and Sultan Centre is currently completed. A total area of 49,920 square metres has been allocated to the roads network, gardens and walks of the whole project. The overall Telal Al Qurm project is being developed into a modern mixed-use urban community, while preserving local culture and heritage. Mohammed Al Ghassani, head of branches of Alizz Islamic Bank, and Tony Safarian, general manager of Telal Al Qurm, have signed the MoU at a ceremony held in Alizz Islamic Bank’s head office in CBD, in the presence of other executives from both institutions.
Commenting on the occasion, Mohammed Al Ghassani said; “Our agreement with Telal Al Qurm marks the beginning of what we hope is a strong and successful business relationship that will provide our valued patrons with an unrivalled customer experience.” “It is an exciting partnership which will give us a platform to offer Sharia-compliant financing facilities to prospective buyers of homes in Oman’s newest ITC. This is in line with our strategy to support the local tourism and development projects,” he added. Alizz Islamic Bank provides Sharia-compliant financial solutions for corporate, government and individual customers. In Forward Ijarah, the property is acquired by Alizz Islamic Bank under Istisna sale contract with a developer upon customer’s promise to lease. The property is accordingly leased and delivered to the bank’s customer for agreed term and rentals after which the ownership is transferred to the customer.
