Bank Nizwa and Al-Badi Investment financing deal signing ceremony/Supplied
The bank will offer Islamic finance facilities to SMEs looking to purchase heavy equipment and machinery from Chinese company SANY Group.
Tuesday 16, April 2019 BY KUDAKWASHE MUZORIWA
Bank Nizwa has signed a financing agreement with Al-Badi Investment Group to provide Islamic finance facilities to support SMEs in the construction sector.
The lender’s SME Banking Department offers the options of working capital facilities, contract specific finance as well as purchase and leaseback facilities, goods and vehicles Murabahah finance.
Khalid Al Kayed, the CEO of Bank Nizwa, said, “By offering our suite of specialised Shari’ah-compliant solutions, Bank Nizwa and through this collaboration with Al Badi Investment Group is effectively meeting the different needs of our expanding entrepreneurs’ customer base in multiple industries.”
Additionally, the bank also offers trade finance facilities, Ijarah facilities as well as diminishing Musharakah, Istisnah facility and Wakalah Bil Istithmar.
Al Kayed said that the lender seeks to contribute to the economic diversification of Oman by catering to various market segments and introducing specialised banking units and solutions.
The agreement with Bank Nizwa will help the up and coming SMEs segment secure the necessary funds to acquire construction machinery of the highest level, added Ali Al Badi, the Chairman of Al Badi Investment Group.